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Recently my 91 5.0 has been strange. I checked oil in it last week and it was a quart low, so i put some in it. This week it was about 2 quarts low and I have also just now noticed that you can hear a light ticking standing on the passenger side, but you cant hear it anywhere else. Every once in a while it will start bogging out and eventually die. I first thought it was a sensor or something but with this recent oil usage I think that it rules those out. When it dies, you can smell a strong fuel odor. I have also noticed, but not confirmed that it may be smoking a bit out of the tailpipes. Its really cold out now so its hard to tell because it doesnt roll out smoke or anything but it looks like it starts out black and turns white, but I may be jumping the gun, It could just be normal moisture or something. If anyone has had problems like this I would really appreciate it to hear them. I hope its not a cracked ring or anything.
 

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Well if you are losing oil, your rocker arms will eventually tick from no lubrication because rocker arm and valve spring.

Sounds like your heads are in need of a valve job and who knows what else might be wrong with them.
 

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I have similiar "ticking" in mine and the motor eats about 1 quart of oil every month or two (or three)... think I am losing oil slowly through bad valve cover gaskets. As they leak I think the hot block burns it up (block below valve covers look wet from oil... but not dripping)..
 
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