Best case scenario the wire for the oil sensor is on the fritz, worst case scenario the pump isn't working which would mean the distributor gear which meshes with the cam is either worn down that it's no longer meshing or the cam ate the distributor gear for lunch.
The unfortunate part is the only way to really check if it's a mechanical and not electrical issue would be to drain the oil, drop the k-frame, and drop the oil pan. If you have a strut tower brace, you can use a tow strap to wrap around the strut tower brace and then wrap it around your crank's hub to hold the engine up while you drop the kframe.. It's a little hairy but that's what I did and it held.
The unfortunate part is the only way to really check if it's a mechanical and not electrical issue would be to drain the oil, drop the k-frame, and drop the oil pan. If you have a strut tower brace, you can use a tow strap to wrap around the strut tower brace and then wrap it around your crank's hub to hold the engine up while you drop the kframe.. It's a little hairy but that's what I did and it held.






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