Hello simrem, I'm Chris, a current Ford Lincoln Mercury employee.
Thanks for visiting Just Answer. I will do my very best to help you resolve your concerns.
So the check engine light came on then the oil pressure light, did the coolant temp also go up?
Did you see what codes were stored?
Did the engine start to knock or make noise?
Was the oil at the correct level and correct grade?
Had it recently rained or snowed?
Chris, The temp did not go up, The engine has always sounded like a sewing machine, but now its alot louder and engine runs rough, yes the oil is at the correct level, yes in fact it has rained 4 days ago, but this did not accur on that rainy day.
I was told that Ford has a problem with small oil ports in the heads and often plug up and reduce flow to the valve train. Is this so? Also is this where the Oil Pressure Transducer / Sending Unit located?
Odds are you have lost oil pressure from a failed pump or clogged pickup or from a spun rod or crank bearing. The fact of there being engine noise does mean there is also engine damage. The engine timing is kept correct at the cam phasers and timing chain and both need oil pressure to stay within tolerance. The oil pressure pickup is on the side of the block next to the P/S pump. Yes the heads do have ports which can clog but this normally is caused by poor maintenance and oil sludge.
I asked about the rain for the fuel pump issue sinc ehte 150 is also known for water leaks into the cab through the windshield which can cause electrical issues. These issues trickled off in the 04 and up models but still a possible concern.