Rings may, but it would raise crankcase pressure more so than it would oil pressure.
Engine wear is the primary reason for loss of oil pressure. Too much gap between the gear teeth in the oil pump. loose crank/thrust/rod bearing clearances, worn cams, etc. Also low oil level.
How many miles have you put on the engine since you've owned it? Driving style effects wear pattern. My 7M-GE had ~240k on it when I messed it up. I would regularly see 10-15psi hot idle.
Make sure that oil level is at the "full" mark on the dipstick, or even go the generally recommended 1 quart over (for "spirited" driving and hard cornering).