Nope. A common cause of the smell is oil leaking from the oil pressure sending unit. (When you smell hot oil, it can be leaking from anywhere). A sending unit that reports incorrect pressure / turns on the oil warning light when it shouldn't is often accompanied by leaking past an internal seal. That would be the place to start looking. The sending unit will usually be near the oil filter.
Valve cover gaskets often leak oil onto the hot exhaust manifold. You'll smell that. There's lots of other causes of smells like electrical problems, sticking brakes, and accessory drive belts.
Friday, August 24th, 2012 AT 7:21 PM