Ford had many factory running problems with the oil pressure gauge from 89-92. The circuit board would over heat and cause false readings. Now how they fixed it on the models that had the problem was to put a resistor between the harness and the sending unit. Does yours have the extra wire with a 2" long resistor attached if so remove that 4" extension and plug the original harness onto the sending unit. The resistor goes bad and the only thing that happens without it is the guage will not move as guick to the pressure reading.
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