Yes, it has to be reset manually when the oil is changed.
Check http://caddyinfo.netgetgoing.com/oillifeindicator.htm for a complete list, but for your 94 Eldo:
All Models ex. Fleet-wood 1994-97
Press the "INFORMATION" button until "OIL LIFE LEFT" is displayed. Press the "RESET" button until "100" or "0.0 OIL LIFE LEFT" is displayed.
Check http://caddyinfo.netgetgoing.com/oillifeindicator.htm for a complete list, but for your 94 Eldo:
All Models ex. Fleet-wood 1994-97
Press the "INFORMATION" button until "OIL LIFE LEFT" is displayed. Press the "RESET" button until "100" or "0.0 OIL LIFE LEFT" is displayed.