Just thought to mention mention this in case anyone has some insight. When ever I change the oil---I use synthetic and a new filter ever time---a week later, less than 200 miles the oil is below the dip stick. There are no drips from the engine, valve cover, etc. so that is not it. Coolant is clean, The exhaust is not blue. Good compression. good vacuum 20-22, new weber carb the 32/36, less than 12k miles on new engine, the engine not a rebuilt, the oil indicator light does not come on and it is not burned out. It, the oil, seems to go down so far then reaches equilibrium. If I add more oil it repeats.

Two thoughts are the wrong dip stick...weak possibility and more likely, oil is being sucked out via the crankcase vent. system. Any thoughts?

 

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Same with mine. But shove it back down and it comes up showing normal level. Don't know it looks like zero oil on initial pull-out.

 

Same with mine -- on initial pull-out. Shove it back down, withdraw, and the level reads normal. Don't know why.

 

From my experience with my 92 pickup the dip sticks are bad about riding up a little bit. So always pull it out and put back in before deciding it is low