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We have a 1996 Ford F-150 and it had to sit for a year waiting on transmission repairs. We started it monthly and let it run to keep the battery & engine in working order. After the transmission was rebuilt, the oil pressure has been up & down. When the engine is cold & idling the pressure is good. Once the engine warms up the pressure drops significantly. The engine has been flushed. What else can we do? The engine seems to be running great.
Do you have an actual oil pressure gauge? The factory one is a joke. When it reads 7 PSI, it will be somewhere in "Normal." If it's not getting 7 PSI, it will be on Low.
If you dont have a real oil pressure gauge, get one. If you do have one, you should have roughly 20 PSI at hot idle, and 10 lbs per 1000 RPM in addition to that.
If you have at least 30 PSI when driving you should be ok. I took an engines class back in school and the ideal oil pressure amount was 30-60 lbs continuous.
In your case, I'm guessing either the pickup screen for the oil sump is plugged, the valve in the oil filter is not opening up properly (Buy a Motorcraft!), or the engine is just plain worn. Could also be the oil pump, but I rarely see one go bad. Usually the mains on the crank wear out and the oil seeps out before it gets pressurized.