Thought I'd pitch it here.
My 'Hoe has well over 200,000 on it and my oil pressure gauge pegged at 80. It was the sender unit which, by the later responses in this thread, is behind the intake cover at the back of the engine. It is a cheap fix, but also requires that specific socket to do it. It is a bitch to get to and I tried several times and gave up. Gave the unit to my mechanic when I went in for another issue. Saved a lot of swearing on my part.
But if you have patients, and eyeballs that can see around corners, it can be done. Maybe in a perfect world, GM will put these in an accessible location!
One post mentioned the instrument cluster. Well they go bad too! My speedometer, fuel gauge, and water temp all went FUBAR.
Don't let GM talk you into a new $500 instrument cluster!!! Unless you are a complete water-head with no motor skills, you can repair this yourself for $50 or have someone do it for you for $100. You can buy all the stepper motors online, and the solder iron, AND solder-sucker (important) and do it yourself. It was a little scary at first because I'm NOT an electrician, but it was actually very easy and done in under an hour. So man-up and give it a shot. Beats giving GM more money, or watching your speedometer going caddywompus!