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I have the same problem on my 1995 Jeep Grand Cherokee Laredo 4.0 and was told it's a bad pressure monitor sender that wasn't reading the pressure correctly. I'm not sure if this is correct and I am continuing to look into the problem.

MY 4.0 WOULD PEG OUT HIGH AFTER YOU STARTED IT. IT WAS ALWAYS THE SENSOR LOCATED BELOW THE DISTRIBUTER. NOT TOO HARD TO SEE. HAPPENED EVERY COUPLE OF YEARS( 50K-60K MILES)

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Q: What would cause high oil pressure in 1999 Jeep Grand Cherokee Laredo 4.0?
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