This is a pretty common issue for Trailblazers to have. Here's a link with more information about these GM gauge problems.
And where you can purchase replacement parts on Amazon if you want to do the repair yourself.
Trailblazer Speedometer
The oil sensor sending unit is shot,
SOURCE: Have a 1999 Z71 chev truck with 5.3 L engine that
In some cases where the oil is not changed properly, the oil pump screen maybe plugging or your oil filter is defective. Fram is a good filter. If there is no problem found, replace the pressure sensor.
SOURCE: Oil pressure gauge in 2003 Chev. Siverado
03 chev silverados have recall on instrument psnel for speedometer defefect. All onstruments were affected on my 03. Chk with dealer for recall time and mileage limitations to resolve. Good Luck
SOURCE: 2004 Trailblazer strong smell of exhaust/rotten eggs in interior
sounds like you have a plugged convertor
SOURCE: Runs Ok...engine warmed up...come to red light or
Sounds to me like the Throttle Position Sensor. Thats usually what makes the throttle "rev" But that is not going to make the oil pressure drop. Pull the codes from your car and look them up online. sometimes there is an extra fuse u can add to your panel and turn the key on and it will flash your codes via the check engine light. i.e. if the light flashes 2 times then small pause then 1 time and long pause that is code 21. if there isnt a extra fuse you can usually jump it with a paperclip and pull the codes. not really sure how to do that with yours. but im positive Google knows ;)
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