Engine trouble- Plummeting oil pressure

UPDATE 1: So I drained the oil and pulled the valve covers. Nothing weird under the valve covers. The oil did seem less viscous then it should but I'm no expert so I'm not really sure. The thing that did surprise me is that the oil smells like gasoline pretty bad. That leads me to think valve seals or head gasket maybe? Also is there any good way to check the oil for shavings? Maybe running it through some kind of filter? And is there any good way to cut open the filter? Aside from using a tool specifically for that.

It's not synthetic but I will keep that in mind.
Check the fuel pump to see if its leaking into the crankcase..and change the needle and seats or adjust the float. Just do it.