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I have a 1994 Mercury Cougar that runs good but burns alot of fuel and after the engine starts the and gets some heat, oil pressure gauge indicates low when there is nothing wrong. I have the same problem with a 1991 Mercury Cougar 3.8, doesn't burn fuel that much but a mechanician told me that it might be a miscontact on the gauge indicator, some dirt in oil pan blocking oil pump or the oil pump is going off. First thing to do is changing oil and filter replacing it by syntec oil in it so it will stay in engine more time when heating. If after that nothing changed check oil pressure at a local garage.

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Q: Why does your oil pressure gauge read low when there is nothing wrong on your 95 cougar with 46?
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