Answer:
No. It means the gauge went out. If the pump went out you would hear knocking noises already even after just ten minutes of the engine running. It would be in your best interest to replace the sending . If you have heard knocking noises then yes , your too late and the pump went south. New engine time. If you were driving down the road , all the sudden the oil pressure dropped and you pulled over and shut it off . You are in luck, have it towed and test the oil pressure with a manual gauge. If no pressure, replace the pump and all should be well.
