Letting smoke out of the wires.

I'll bet a quarter that oil pressure gauge is fryed inside. I wouldn't be surprised if the fuel gauge is fryed also. I doubt the winding in those gauges survived long enough for damage to occur beyond the sender side of the gauge but I would check sender wires from the inst' panel to the senders.

I guess the first thing to do is check the oil pressure gauge. You're looking for 20 ohms post to post. Good luck