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I have had two gas caps go bad on me which will throw the "Service Engine Soon" light. The first one I paid the dealer $140 to diagnose and install a new cap. The second one I paid $14 for and installed myself and the light went away. Both caps failed right after I had my annual emmissions test which includes testing the cap to see if it seals properly - essentially their test makes it not work correctly - at least it passes the test!!
Note - if you install a new gas cap, it might take a few days for the SES light to reset itself.
If you are ever running low on oil, you will first get an oil light when you shut the vehicle off - this tells you you need to put about a quart in as soon as you can. If you have the same oil light come on while you are driving or the vehicle is on, it is basically telling you to pull over and add oil immediately. This is all explained in your manual.
Good Luck!!
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2001 X5 3.0i (PP/WP/AP) Traded at 213K miles
RARE White on Black - Why does everyone get Tan?? 
First E53 with 215s on XOutpost!!

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