Fuel and oil pressure guages go erratic and motor cuts out

Yes! Your fuel pump sending unit has a shorted wire in the tank. That is causing your pump to cut out and your gauge to act crazy. That is because it is all together in the same unit. You will need a new fuel hanger unit. Don't be be surprised if you don't see fried crispy wires. I have personally had this happen to me 4 different times in my roadmaster wagons (3 different cars) if you leave it along you will blow the fuse in the box under the hood and car will leave you stranded! (Been there done that)

Try to buy if you can afford it the AC Delco unit. They have the best quality. Good luck! Again been there a few times. Dan