Yes, your car is in closed loop all the time, some one might have put in a cold thermostat thinking the old wives tale of running it colder will make more power.... In the computer controlled 82, big mistake...
The computer needs to see 195 to go into open loop and run normal. I would swap out the thermostat to the original one and see how it runs...
Of course I could have the open loop and closed loop completely back-wards, (never could remember which was first) but it still has the same problem...
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I've been noticing that my car has been sucking up the gas since I got her on the road. A fellow '82 owner at work reports he is getting around 20-22 mpg on the highway. So far I'm only seeing it by how many times I have to fill up. On another post I read that the car should be running around 200 degrees, mine stays at about 175. The question I have, does this mean that my car is in perpetual warm-up mode and dumping more gas to heat up? 
This would explain the bad fuel economy. Second question is, does this mean that the thermostat is bad?
I will pick up a new one this week and see how she runs. The other possibilty someone suggested was the aux cooling sensor on the drivers side of the engine. My understanding is this sensor dictates when the aux cooling fan runs. Possible the fan running to soon and keeping the temp down.
Now I can see if this helps the gas usage.
