From what you explain I would replace the oil sending unit. If it dipped into the red a few times and now it is way up there usually that would suggest a faulty sender. Mine before it went was peged at 120 psi and then it poped and starter pouring oil all over
Yeah is scared the "beep" out of me and this happened before I ever knew about BonnevilleClub. I could have toasted my motor! I would keep an eye on it and change it if it was mine. I would also recommend getting one from NAPA, Rock Auto, or the dealer.
1993 Bonneville SC SSE With Supercharged Badges, Black and Gold, CAI, 180T, TR-55'*, 2.2 Pulley, Jet Stage 2 Chip, Ceramic coated PEM'*, Magnaflow, Flowmaster 80, Megs Tips.
1995 SLE (Wifes), White and Gold, CAI, APN, Magnaflow, otherwise stock.
1966 Ford Ranchero, 312ci 60 over block decked, GT40P heads Milled, RPM Air Gap intake, Holley 600, MSD Billet Dist., 6A Box, FlowTech Shorties, C-4 W/Shiftkit, 8" 4.11