you along with 99% of other Ford owners have the "Yellow Snow" Ford design cheapy oil "gauge" that is really a dummy gauge with a sender spst switch, you are actually reading the current flow thru a 20 ohm resistor in your dash...can Ford get any CHEAPER
sender wire fell off end of sender switch, switch is plugged
how is the level on engine dipstick, if overfull, you may be measuring more than oil...Ford has had a problem with headgaskets blowing/corroding out, more common on 3.8 and 4L
the "oil sender unit" on the Aero engine is actually a electrical switch that closes at 6 lbs psi completing the circuit with the dash idiot gauge and a 20 ohm resistor on the dash circuit board.....search Aero forum and FTE for other Ford owner upgrades to idiot gauge
I fixed mine on a 4L and now have a REAL oil pressure gauge...
see mod to make it a REAL pressure gauge
common to most Fords of 80's>early 2000's
your mileage may vary depending on engine and switch location
http://rogueperformance.com/oilsw.html