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Originally Posted by spike_africa
white smoke means blown head gasket. when the gasket blows it lets coolante go into the head and thus gives white smoke. as for the oil its most likly the coolante that didnt get burned up and is being pushed out the tail pipes giveing a black water looking substance that i could see you mistaking for oil. but anyhoot its a head gasket garented.
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I think dustin nailed it! When I was reading your post, i was thinking "it might only look like oil, but I bet it's coolant".