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Check oil if ok then observe, engine noisy? Clanking? If so you need to pull oil pressure switch and take manual reading with oil pressure gauge. If engine is running fine with no irregular noises Probly changing oil pressure switch wouldn't be a bad idea.
my first guess would be oil pump. if the pressure got low enough to make noises and lose power like that.. dont run it anymore until its looked at, damage may already have been done to the engine cylinders/bearings.. you may be saved by low pressure cutoff sensor, i hope so.. good luck
Accelleration noises of the magnitude you descibe makes me think the engines crank shaft bearings have gone. Has the oil pressure light come on recently and what's the oil level like. Without being there to hear it, it's very difficult to diagnose. You should detect noises and rattle if you rev it when in neutral if it is the engine. If the engine is smooth in neutral and the oil is good you may have a bad diff or cv joint
That's really bad ... First of all check oil level when its cold... The clanking sounds are your valves running dry. This will cause massive damage the heads. If you oil is low fill it back up & check the engine for leaks & hope there is not valve damage. If the oil was low and you filled it & you still get the clanking noise the valves are permanently damaged & the head/heads & valves will need to be replaced.. Big costs
Your oil is thinning out too much. Lucas oil additive would be a great thing for this or an oil change with a little heavier weight oil The other cause of this could be piston slap from low grade fuels.
as for the 93 model i would say if the oil pump isn't working properly chances are that the crank and con rod bearings will be damaged and possibly piston i'm not sure about repairers where you are but if i were to pay $1200 i would expect the motor to be rebuilt too if it has done some serious damage i woul suggest a reconditioned engine you should be able to pick one up for around $1500-$2000 and most of them come with 2 yr warranty firstly id check the oil filter and see wether there are any debris in it such as metal or brass filings as for the 98 model with oil pressure light flickering on and bad engine knock i would think it was either a small end bearing or a big end bearing probably best not to drive it to long with a bad knock because a worn out big end bearing can end up letting the con rod come loose and break or bend causing serious damage ask your mechanic to check the engine oil pressure with a guage and put a new oil filter on it (Could be blocked)
low pressure in the tranny, did you check the oil level in park? if so you might have to check it in gear with someone holding it on the brakes, then re-check... hopefully it isn;t the pressure solenoid.... $$$$$$.... they can be expensive, cheers!