Intermittent oil pressure/lack of oil pressure

Just went and looked at the mechanical gauge hose on the block. There was a little bit of oil seeping out of it. I think I found my culprit. Or, would that not cause it to do what it's doing? The gauge is pretty steady, but it's like as soon as it hits a certain temperature it just drops. I want to keep telling myself it's nothing to worry about, but then again, I don't want to fry my engine!