Your oil pressure is not doing what it's supposed to. If you are certain your measurements are correct, then the only possibility is the oil pump bypass valve is stuck closed, or partially closed. Driving with it like this can be dangerous, and is not advised. Possible results include a ruptured oil filter, popped out oil galley plugs, a damaged pump and bearings. More than likely, pieces from your valve stem seals or RTV that has come loose has jammed the pressure relief valve.
Take care,
-Chris
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