Oil pressure MAY be directly related to the oil sending unit, Located above the oil filter, its pointed toward the rear of the car, has a lilttle weatherpack harness connected to it.
Fairly easy piece to change if it is indeed the problem.
You can have it tested at a shop or by yourself using a mechanical gage that fits into the spot of the current sending unit, for testing purposes only. Many others just opt to buy this part from a reputable jobber, and replace it, fingers crossed that it works, It worked for me..sucess rate is fairly good with this, not the most expensive part either, I think mine was 30 dollars. If this is the case, the needle should read a lower, much more proper PSI..30-40 at idle is common.
The shaft seal in the waterpump itself has failed, the coolant is now leaking into the housing and leaking through the "weep hole" Common Failure, however needs to be adressed promptly as ofcourse, low coolant is not a good thing.
This should be helpful for you http://www.bonnevilleclub.com/forum/...e=article&k=67
Damien-they don't make them like this anymore
97 SSEi. 3.2mps,msd,optima,1.9 YTs,245 RE750s,SLP Headers,custom ported SC inlet/outlet, 180 deg, INTENSE pcm,42.5#injectors,255lph pump,custom soilid motor mount, 3.0 mps(maybe), and the nut behind the wheel.