Fairly loud metal on metal scraping sound when I start my 1996 oldsmobile 98. Something that the belt wraps around that sits under and in front of the engine seems to be what is causing the problem. I can't even figure out what the part is. It's definitely not the alternator but it looks fairly similar from the belt side. The other side has what looks like pipes and hoses coming out of it. Any suggestions?

Try to better describe the noise.
Is it a
scraping of metal
grinding / rubbing
high pitched shriek like a drive belt slipping
Is it
underneath the body
under the hood
in the aircon
when you pull into gear
when you pull away
etc
Do a bit of detective work and come back.

Possibly a broken wheel bearing. Have a mechanic check it out.

your belt could be going out and the noise your hearing is it , remove the belt cover and inspect it,

need to check the hub. it could be the broken bearing making the sound.

Posted by Asker under the 1985 Oldsmobile 98 for a 1996 Oldsmobile 88.
I do not know if you have either the 3.8L or 3.8L Super Charger, or what Engine Options (AC/No AC, etc.) you have. The Link has several Diagrams to match your specific vehicle engine.
For the 1996 Oldsmobile Eighty-Eight:

Click on the following direct, free Link:
http://www.2carpros.com/car_repair_information/year/1996/make/oldsmobile/model/eighty-eight/1996_oldsmobile_eighty-eight_drive_belt_routing_diagram.htm

a/c clutch bearing or idler breainr may be faulty

It sounds like a broken motor mount.
It may be a "lost" motor mount screw / nut.

Symptom? It probably makes more noise/thump when you make a sharp turn to right or left.
Also when you "rev" the engine...

Hope this helps!

sounds like a belt or pulley bad

BELT, REPLACE

1. Release belt tension and remove belt from power steering and alternator pulleys. Twist belt to get between tensioner and front cover and between power steering pulley and engine mount bracket.
2. Raise and support vehicle.
3. Turn wheel to the extreme right and remove right side splash shield.
4. Remove belt from crankshaft and A/C compressor pulleys. Twist belt to get between idler pulley and engine mount bracket.
5. Lower vehicle.
6. Twisting new belt to get past the front cover, install belt around power steering pump pulley, Fig. 15. Allow belt to hang free.
7. Twist belt to get between tensioner and front cover, wrap belt around alternator.
8. Remove belt from power steering pulley and set aside.
9. Raise and support vehicle, then twist belt to get between tensioner and front cover, wrap belt around crankshaft and A/C compressor pulleys.
10. Install right side splash shield and lower vehicle.
11. Position belt around power steering pulley and release tensioner.

I have a 2002 Olds van and it also makes a noise under the front driver wheel well. Mine was mostly when I hit potholes or large dips causing the shocks to compress. The problem is a metal to metal contact between a bushing lip and the suspension. On this side, the bushing is manufactured opposite of the passenger side. The lip is up and causes the two metal pieces to rub. I had to grind down the lip so it would be like the other side. All is better now. I'm not sure if this is where your noise is coming from since it gets louder with speed. I would assume yours is a bearing. Sorry.