EGR valve question

I searched for the answer but there was no clear answer.

My check engine light came on, The code came up as 31 which means EGR valve out of range (low).

From reading previous posts, it seems to be alright to drive like this. Only that I will use more gas?

My car is a 90 n/a t-bird.
Gears

P.S. Anyone know offhand how much is a new egr valve and/or sensor?
Thanks

EGR is used after engine warm up at only during partial throttle usage (not at WOT, not at Closed throttle) to reduce emmissions of oxides of nitrogen. It does this by introducing inert exhaust gases into the intake tract, which cools the combustion process. It's heat that creates NOX.

Sounds like the valve is stuck closed, which is probably just fine, but could cause you issues during an emissions test. If it was stuck open, you would see reduced performance.

Otherwise it should be o.k.