Hi:
Chances are the oil sending unit is bad. As long as it has at least 10 PSI, you should be ok. If you want to replace the sending unit, it's located above the oil filter. It's a cheap part and only requires a wrench to remove and unplug the wire to it. That is where I would start.
Let me know what you find or if you have other questions.
Joe
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Tuesday, February 24th, 2009 AT 6:11 PM