Merkey- thanks for the link! I'm starting to think it in fact may be the steering wheel.

Crazy_Nate- I'm starting to think, this is the problem, so it's a contact ring? Would it be a time consuming repair? My steering wheel doesn't squeak but it does make a little whirring noise.

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76 MG Midget
78 Datsun 280Z
86 Peugeot 505
01 Subaru Outback

“Owning a car is like owning a dog. Every now and then, it craps on the carpet — but it’s still your dog.” - Jeremy Clarkson