The color of the oil sound like moisture, either from a coolant leak into the crankcase or from not being driven enough to get the oil hot and the water boiled off. The gas smell could be from running too rich.

I'd change the oil and then see if the symptoms return.

Try this forum: jag-lovers.org (go to X300 part of forum)

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1986 300E
1993 Volvo 940 Wagon
1984 Volvo 240 (daughter's)
1976 Dodge 1/2T pickup, gas hog