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I have a recurrent problem on my 92 LT1.
When I drive on hot weather, moderate speed and quite high RPM during a certain time (it ofen happens when I take the Vette for a ride on the mountain winding roads) I have a white smoke coming from underneath the engine hood.
It's noticeable when the car is stopped (no ram air).
The last time I had this happened I could see the smoke coming out from the air outlets located behind the front wheels... Quite scary.
Besides that I have no warning, no SES, the car runs fine... I just noticed that this occured with a oil temp above 240°F...Couldn't this be related to a leaking seal?
I did and it appeared to come from somewhere between the engine and the firewall...but it was not possible to locate the precise origin as the smoke was diffused.
Either your valve covers are leaking or the seal at the rear of the intake. If oil gets on your manifolds it will burn off and cause the white smoke. Or it could possibly be transmission fluid getting on the exhaust also.
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