Was at a stoplight today coming home from school and I glance down at my oil pressure gauge and its going nuts! Instantly jumping from about 40 to 80 and back and forth....I pulled over right away just to check under my hood.Got back in and drove away and everything was fine...WTF...

 

I'd say two things
Either low oil level
or
Oil pan sloshing, meaning the oil went away from pump pick up & then came back.
This pan does not have the "baffles" like a V8 pan.

 

What do you mean it "went away from the pickup"?
Where did it go?

 

Think of ocean waves coming onto shore then going away.
Oil went away from your oil pump pick up screen (upon stopping) then oil came back (when resting at light) to pick up screen.

 

Hi, I'm new to the board, but my 1989 2.8 had the exact same problem. It went from the usual 40/60 to about 80, then went back down. Never went down to zero, but it happened while driving and while at a stop. Turned out to be the oil pressure sending unit, a fairly cheap fix. But yeah, I think all those other things should be considered too

 

I've had problems with the oil pressure gauge on my '87 Camaro w/ 2.8L. It was the wire for the oil pressure sending unit (sensor). It would loose contact sometimes and the gauge would point straight up (way past 80 psi).
Replaced the connector on the wire and it was fine.