Have you checked your oil pressure? The gauge may be right.
It is possible that your gauge is failing, but the oil sender unit is more likely. That's a cheap and simple fix on the first gen explorers.
The gauge and the light use different senders, but if you tell the parts store which you have they will get you the right sender.
A pair of pliers will remove the old one. thread the new one in by hand and tighten it hand tight, reconnect the one wire and you are ready to roll.
I looked at my Chilton repair manual and the engine wiring schematic for a 1994 Ford Explorer shows ( fuse # 17 - 15 amp - for fuel gauge )
mechanical
Check the fuel pressure regulator or the vaccum line to it If you have to have the gas peddle pushed all the way to the floor to start it that is a for sure sign
The oil pressure sending unit for the oil pressure gauge is located on the drivers side of the engine below the power steering pump on your 4.0 liter OHV - V6 engine
Inside the gas tank with the sending unit for the fuel gauge
195 to 210 what temperature thermostat do you have
The gas gauge in the Eddie Bauer Explorer probably does not work due to a bad fuel sending unit. The sending unit is in the fuel tank in the same access area as the fuel pump.
Bad fuse - I believe it is fuse # 17 - 15 amp for the fuel gauge on your 1994 Explorer bad sending unit - it's combined with your fuel pump inside the fuel tank bad wiring connection possibly the gauge itself
I feel sure you have checked to see that the engine has oil in it. You need to install an external oil pressure gauge, the mechanical type and check for pressure. If it shows that you have oil pressure then your sending unit is defective.
Either your battery is dead, or your alternator has failed.
With the aid of adapters, you can "T" into the fuel line at the fuel filter and attach a fuel pressure gauge.
9 to 13 LBS. NO higher are lower.