The most likely cause is a combination of two things. I suspect that your catalytic converter has become less effective over the years and should be replaced. Also, the oxygen sensor is responsible for trimming the fuel ratio, and high CO indicates that the engine is running rich. I would start by changing the oil as it may be contaminated now, then replacing the O2 sensor. Then replace the cat. if it still fails. The oxygen sensor could really just be considered maintenance at this age.
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