Well I have fixed the problem. I replaced the ps switch cleaned the connectors with electrical cleaner, cleaned the connector for the 02, and since the code that I was getting was for bank one I pulled the spark plugs saw that they were worn replaced those, cleaned the throttle body of all carbon buildup and ran Lucas fuel injector cleaner. My truck runs like a beast now and it's like night and day now. Thanks everybody for the tips and info. This is coming from a dodge fan who is not a mechanic who is learning as I go along because I don't trust repair shops with their outrageous labor rates.
Thanks again.

 

Oh one more thing I going to give it a oil change because from the way it was running, I was getting about 5mpg...yuck my oil has a gas smell to it so after that I should be good

 

an oil change will not help your gas mileage unless you were running pretty much dry so dont expect a miraculous MPG improvement

 

My mpg problem was the ps switch leaking fluid and running fluid down the wires to the 02 sensor contaminating the electrical connector which I found out is a common problem for the 4.7. The 02 shorted out with fluid in the electrical connector sending faulty readings back to the computer and sending more fuel than what was needed. That's why my mpg went to hell. It just seems like the oil became contaminated by excess fuel. My mpg is back and the truck runs like a champ now. Just seems logical to change the oil that has a slight gas odor probably from driving for a week and a half till I could get it fixed. I was getting around 4.5-5 mpg...horrible. But now the ps switch is new, all the electrical connectors are clean, all the wires I could clean are free of ps fluid now, and a new 02 and my problem went away. Just thought it would be a good idea to change the oil.