Ford Repair: Engine sensor/gauge, oil pressure gauge, check gauge

Question
Erik,
I have a 1994 Ford Thunderbird LX with a 4.6L engine. I purchased the vehicle used approximatley 1 year ago. Since that time I have noticed that when I "get on the gas" the oil pressure gauge drops to nil and the check gauge light comes on. Once I back off on the power, the oil gauge goes back to normal. This does not seem to cause a problem that is noticable at this time, although I know it is not good. I have checked the OBD II system and there is no code present. I do know that the engine has several possible oil leaks that are out of my price range at this time. Should I be worried, and is there anything I can do?
Thanks,
Joel  

Answer
Hello and thanks for the question...I'll try to help.
 Have you checked the oil level and condition? IF it's low, the engine might be "starving" for oil while under throttle. I would also suggest that you install a mechanical oil gage to "see" what's going on with the oil system, and go from there.
Hope this helps,
Erik