Blinking check engine light is not good at all. It is a type of misfire that will cause catalytic convertor damage!!! Get the problem taken care of before you have to invest thousands on convertors.
Your check engine light---indicates a possible system failure,nothing to do with oil
You have it checked for codes,diagnose the issue and repair
Your oil should never be low.
If you go as much as 5000 miles on an oil change and really drive it hard,you may loose a 1/2 qt in 5,000 miles
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