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Normal oil light behavior:

Red - Low oil pressure. Except for a second or two at start up, if you ever see this, shut off the engine immediately!
Yellow, comes on after the car is turned off - Oil is about half a quart low. Top off to correct.
Yellow, comes on while driving - Oil is a quart or more low. Top off ASAP!
Yellow, comes on for about 15 seconds almost immediately after starting - Oil level sensor fault. Replace at next oil change and monitor oil level manually until then.
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