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No, the oil should not be as high as the oil pan end seals (the "U") if it is not overfilled. Thus, it is most likely coming out of a drain plug or the pan may have a crack in it. You must clean off the underside, then see where the oil is coming from.
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In a fit of 16 year old genius, I looked down through the carb while cranking it to see if fuel was flowing, and it was. Flowing straight up in a vapor cloud, around my head, on fire.
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