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Hey all, I have a 99 f-150 with the 4.6 (see my gallery, if you like) The last time I changed oil, The bottom of the filler cap was all snotty. I live in WI. and we have had some pretty wild outside temp. changes, and I only drive 12 miles to work. also I had a little over 4000 mile on that oil change (valvolines synthetic blend) insted of the 2500 that I go with the reg. 5/30. Should I be worried about head gaskets or just drive it more?
Unless you have oil in your expansion/coolant tank, you just have condensation. One of the many by-products of combustion is Dihydrogen Monoxide (water) and Carbon Dioxyde. Once the oil has reached a certain temperature, the water will evaporate and condense again on cold parts of the engine. On a short trip in cold weather, the top end of the engine doesn't get warmed up enough to boil away condensation so you get an oil/water emulsion under the plastic cap and plastic filler neck that are colder than the water vapor. The only way to fix that is to drive the truck for at least 20 to 25 miles. This is a fairly normal phenomenon that won't hurt the engine.
I don't think you are having a head gasket type of problem, I agree with the previous post that you are seeing moisture build up in the crankcase and the tops of the heads. One thing you want to check is that your thermostat is at spec (195), and it's working properly.