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The EGR valve controls a passageway between the intake and exhaust manifolds. When the valve opens, the intake vacuum draws exhaust through the valve. This dilutes the incoming air/fuel mixture and has a quenching effect on combustion temperatures. Remember to always replace your faulty EGR valve with the model that corresponds to your year/models engine.
Direct replacement for GM part numbers:
17052742
17053034
For L48 1977 With Automatic Transmission
For L48 1978 With Manual Transmission