Yes it could, sometimes the sending unit contacts will get dirty or coated/corroded and loose contact temporarily especially if it has been sitting for a while. I think ethanol might contribute to that happening as well. I think some people have had luck with using an additive in the gas to help clean the sending unit wiper/contact.

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1988 325is (purchased new) sold
2004 X5 3.0 2005 X3 2.5
2008 X5 3.0 (new to me)