Yikes!

No kidding that could be very expensive.

I've never had this happen -- can only be a couple of things: Bad oil pump, bad pressure relief valve, or a serious "leak" in the oil system.

First you need to get a mechanical oil pressure gauge and check the actual pressure in case the electrical sending unit is bad, but I'd guess you will see the same pressures.

Is the low oil light coming on when the pressure is low?

Peter

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1972 220D ?? miles
1988 300E 200,012
1987 300D Turbo killed 9/25/07, 275,000 miles
1985 Volvo 740 GLE Turobodiesel 218,000
1972 280 SE 4.5 165, 000 - It runs!