I've got a 94 bonneville se with 119k miles on it. Recently the oil pressure has been lower than normal. It used to increase about 8 psi when I gave it any gas. Now it stays at 32 or so PSi and doesn't make it past 40 on the oil pressure gauge.

Is my engine dead? It seems to have gotten worse in the last few weeks. :(

I forgot what the required minimum oil pressure is for your Series1 is, but 32 psi is well enough for it to run properly.

I bet you will see your oil pressure high on a cold morning, then it drops off as the engine gets warm correct? This is normal. As the oil heats up, it loses its ability to hold pressure. And it will get worse as the oil gets older also.

How long ago was the last oil change?

You might want to change the oil pressure sending switch. It may be on its way out. It is located immediately above the oil filter and is not difficult to change.

Well, my dad bought this car new and he says it'* lower pressure than normal. It'* certainly lower than I'm used to seeing on the gauge. It used to be about 45 psi with even a few thousand RPMs. Even on a cold start on a cold morning it'* below 40 and gets a little lower. Seems to have gotten a little worse in the last few hundred miles. Could it be that the bearings are shot? It'* been a year since the last change but I hardly drive it. That'* why the car only has 119k

sounds like the oil is getting old, you should be changing it a couple times a year at least. bearings dont wear from sitting, sometimes seals do though, is it leaking any?

This is not a bad idea. I wouldn't worry about your engine until you have less than 20 PSI. The idiot light cars used to have a sensor that turned the light on at 15 PSI. And if you want to for surly know what the oil pressure is buy a cheep mechanical gauge and temporarily screw it into the oil filter housing and take note of the reading.
Equus 6244 - Oil Pressure Gauge | O'Reilly Auto Parts

Could it be the bearings? I drive it everyday, just not far- only a few miles. Could dirty oil ruin the bearings really fast?

I'm going to try and change the oil and sending unit this Saturday. I have a feeling my engine has issues. =(

I just need it to last until January when I take delivery of my new 3 series.

Heres the pressure after starting it. It used to be above the 40 psi mark.

dirty oil can prematurely wear alot of things in your engine, the 3800 will last a long time however as long as you change the oil. you cant tell anything until you do

When you change the oil, try running a magnet through the old oil to see if picks up any bits of metal.