Very likely to be a bad O2 sensor at this age. Won't always set the check engine light, either.

Check the tailpipe -- if it's black and sooty, you are running rich. Check out the O2 sensor and fuel system.

Sadly, a bad fuel distributor can also do this.

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!