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I've read that the Dodge 4.7 V8 has an esoteric problem: When the engine oil fill housing gets gunked up with oil emulsion stuff it somehow blocks the PCV valve which in turn somehow causes low oil pressure readings. It can't hurt to clean it. (I ran across this while researching used trucks last summer.)
You might also check the wiring from the pressure sender to the gauge; make sure nothing has affected the resistance (like a bad connector or something).
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