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That's the oil pump drive shaft. I usually end up wedging it in the distributor, pulling up, and dropping the shaft into the oil pan. Then you have to take the oil pan off. I have never figured out a good way to get it back together. Hopefully someone will add some words of wisdom. I believe there is some kind of retainer clip that keeps the shaft connected to the distributor. But I don't think anyone ever installs the clip.