funny smell when pedal is put to the floor?

I own a 1987 Grand Marquis. The car runs great and is in great shape. If I accelerate at a fast pace....or even floor it....I smell something burning...like oil burning...after I do so. Should I be concerned? Is it just because the engine has 130K on it and is not running as effeciently as it once did, so when I step on it, it burns a little oil?

Is it a manual or automatic? If manual, have you noticed any acceleration problems? Perhaps slipping clutch resulting in that hot clutch smell?

It is an automatic, and acceleration seems to be smooth.

It wouldn't surprise me any to find that you have a leaky valve cover gasket (or other oil-retaining gasket), and that when you accelerate rapidly, oil is finding its way onto the exhaust manifold &/or pipes.

Increased blow-by during high load operation could also make an oil leak worse, especially if your crankcase ventilation system wasn't working properly.

Check for engine oil leaks, and make sure that your PCV valve(s)/tubes aren't clogged.

Thanks....I know for a fact that I have an oil leak through the oil seal, I'll check for the other things.