Hot rod guy is on the right track. You should do a compression check to figure out if its a head gasket or blown ring. Take the readings from each cylinder, you have have +- 15psi within each bore. Find the reading that is the lowest, pour a little motor oil in the spark plug gallery and test again. If compression goes up, then its a problem with the rings, the oil acts as a sealant to raise the psi. If nothing happens, your head gasket is most likely shot.
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