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I had that problem with my '81 260GLE - The sound was coming out underneath the car on the driver's side and just in front of the rear wheel. I tracked it down to the Pressure Regulator (My Brick is Fuel Injected). Because I was afraid that the Pump was going and more importantly, because I was there, I changed out both the pump and the regulator with a slightly used one from a local Volvo Recycler (They even mounted it on the bracket so that I would not break any terminals since that is one of the dogs about the thing.
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