RPM Reduction

[bpwsross]

2004 Air Nautique SV 211....When I take off pulling a skier, boat will stall....guage reads, RPM Reduction, I back off on Throttle and hit is again and the boat runs great....this has happened 10 to 15 times, just this weekend, in the midst of going 30 mph, the same thing happened, gauge reads RPM Reduction....I was able to bring the boat in no problem at 2 to 3 mph, the oil pressure light has also been coming on and gauge reading low oil pressure at idle but all reads well at cruising speed, I use only 93 octane, non-ethenol gas...keep boat maintained well, use most weekends for skiing, wake boarding, surfing....first real issue......What do I need to look at?
Thanks

[rcazwillis]

Check oil level. Bet you are low.

[bpwsross]

Thank you for that thought, yeah, I wish it were that easy, oil is on the money ....where it should be....other suggestions?