Ok, thanks for the replies to the previous post. The light has stayed completely off, even during ignition. My next question is there a bulb for the idiot oil light that may have burned out, or is it the wiring? And if were the oil pressure, would the light turn back on and would I notice an immediate change in performance? I am pretty sure it is electrical but don't want to risk it. At the same time it is about 15 degrees here and I don't have a garage. Thanks again knowledgable brickboarders.

There is a bulb in the dash for the wally lights that could be at fault. Mine did this a while back and unplugging/reconnecting the wire to the switch (just forward of and above the oil filter) cured it.

Good luck,

Big Rich.
--
The Volvoboy...he never grew up!

heh, for the most part, the oil light is an idiot light, there is a bulb that can burn out, and yes, there could also be a wiring problem :)
you probably wouldn't notice an immediate change in performance, but it wouldn't take long for a lack of oil pressure to nuke your bearings and ruin your day (although if you're into fireworks, run it anyway ;) )
more than likely the wire for the light has grounded somewhere (or been cut somewhere, depending..)