Generally the oil light indicates oil pressure is low and not the oil level, but not always. My car does say the oil is low. If you know it is a low level indication then this suggests a bad sensor. If it is the pressure than it is either the oil pump or the oil pressure sensor. If the oil pressure sensor is bad there is usually oil leaking around the sensor where the wire is attached. The sensor is somewhere on the side of the engine block. You may have to get underneath the car to find it.
Eather you have a bad oil pump, or the main, or rod bearing are wore badly. If its an oil pump it will cost at least 300 to have someone fix it because the oil pump is under the timing cover. If its the rod bearings it will cost about 150 to 200. If its the main bearings it will cost you a new engine at the price of what they will charge you to change them. If you do it yourself then it can cost you cost between 50 to 150.
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