1986 Ranger

I have a 1986 Ranger, 2.9L V6, 2WD, 240,000KM The heater hose blew on the truck. Fixed that, but now the lifters rattle like crazy. The oil pressure sits about 1/3 the way up. After about 5 mins, or if you rev the engine for a bit, the oil pressure drops to zero. Had to do an oil change as there was gas in the oil from the truck being flooded badly due to -45 and lower temperatues here with the wind chill for the past while.

Why does the oil pressure drop? I am thinking the oil pump, but someone told me that it could be the sensor that is in the oil pan. I also remember reading somewhere, sometime ago, about the symptom of the oil pressure dropping like that. It said that meant the connecting rod bearings were toast.

I don't want to spend a ton of money, replacing this and replacing that until it works.

Thanks in advance.

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