It could be a bad gauge or there is something wrong with the oil pressure. Oil pressure can be caused by a number of things. It could be because the oil has low viscosity or simply put bad oil that needs replacement or the oil level may just be too low.
Other causes may be caused by worn out parts such as bearings or crankshaft journals. Check also for leaks when you park the car overnight. Put newspaper and observe. Have the car engine washed and see if the leaks are from above the car. These could just be bad gaskets or seals. Check also for the smoke that comes from the exhaust. If you are burning oil it may also be a bad gasket or seals.
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What do you mean as Low? Normally it will go lower as motor warms up and cool is always a good sign.
How low was the oil pressure? On a gauge the pressure should be at 40 to 60 psi. If the engine is running OK and has a lower than normal temperature it might be the thermostat. If the outside temperature is extremely cold the engine runs more efficiently at about 200f. 160f is still OK.
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