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Re: 2002 3.0L ... wavering oil pressure gauge
Not sure about the 03's, but on my 99 the oil pressure gauge is run by an idiot light sensor. The pressure sensor is just a switch that triggers at about 8 psi. There is a resistor on the gauge that makes the gauge show mid-way whenever you have more than 8 psi oil pressure. not one of Ford's better ideas. The oil pressure sensors are notorious for going bad, behave just like you describe. Relatively cheap, but a tight fit to replace (behind the head on the right side of the motor). I would try that first. If it does not fix it, you may have low oil pressure problems that could be anything from a bad oil pump, bad cam position sensor, or worn bearings.
WARNING- The late 90's and up 3.0 engines are noted for having problems with the cam position sensor. It sits on the top of the block, in the rear, just off center to the right side. On older engines it is where the distributor was. The lower part of it engages the gear on the back of the camshaft, and also drives the oil pump. If this fails, the engine will keep running, but you will have no oil pressure and if you don't shut down quickly, you can seize the engine. I have read about these sometimes failing as early as 60K miles. If you are in the back of the engine to replace the pressure sensor, it would be a good idea to check the condition of the cam sensor. Not real difficult, but it needs to be done properly, and aligned, so get a manual or Google for the instructions.
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