This oil (I'm assuming you mean the light) gauge is telling you not that your oil is low, but that your oil pressure is low. This can happen in high mileage engines after they've gotten worn out, or if the oil pressure sender fails or gets plugged. You'll want to have someone check your oil pressure with a manual gauge to verify which is the problem, and then it'll either mean a new sender, or a different or overhauled engine.
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