When stopping at a stop light my oil pressure guage dropped to zero and set off check guages light before jumping back up. It did this 4 or 5 times. After giving it a little gas it steadied and remained fine. Could this be an oil pump or what would cause this? I have 127k miles on it and also believe it is burning oil.

 

More likely its just the sensor itself. That's a common failure mode for them.