1995 Oldsmobile Cutlass Draining power

Hi:
The alt may be the problem even though it is charging the battery. Inside the alt are diodes designed to allow power to only pass in one direction. When the alt is working, the diodes will work fine, but when you shut the car, power passes the opposite direction (to ground) allowing the battery to drain.

As far as the light, have you had the computer scanned for trouble codes? Most parts stores will do it for free. I recommend having it done. That way, you will have a better understanding of the problem.

Let me know what you find.

Joe