I was driving home as usual, coming off a free way exit I gave it about half throttle and the transmission down shifted, I felt a noticeable loss in power and once i stopped at a light I could hear the engine knocking light to moderately, but not the loud slap. When the light came on I drove it approx 1.5 miles home and shut it off. The oil light went from flickering for the first mile ton solid in the last half mile. I botched the rod bearing clearances on my taurus sho a few years back and the rod knock in that was slightly less loud and it went for a solid 12k more miles that way before blowing. Obviously if possible I'd like to just change the bearings, if that's what's wrong.

Why did I suddenly lose oil pressure? Can I replace the bearings or is it too late? I have smelled a burning oil smell occasionally from time to time. Is my oil pump gone or my engine? Please help, I need my car for work.
Any advice would be awesome. Thank you.

-brett

 

Did you check the oil level?

 

What turn out to be your problem??