my 89 trans am does the same thing wit the oil pressure gauge. in my situation it is caused by two things: one, the engine has worn cam bearings due to having close to 300,000 miles on it. and two, the sensor had been replaced, and the aftermarket sensor is 3 times the depth of the OEM sensor and as a result reads much lower pressures all-around. I began putting 10w-40 in it a number of years ago which helps greatly with the worn cam bearings and brought pressure up a fair bit. pretty much just waiting for my engine to die at this point, but it just keeps going. runs great.
all that said, it very likely could just be a bad sensor, especially if the engine is running fine otherwise and isn't making any unusual noises. if it's not the sensor then there's a long list of things it could be, including (as stated before me) oil pump, low oil, old/thin oil, bad bearings, etc.