94 olsmobile cutlass:key computer chip???

I have a 94 oldsmobile cutlass supreme sl. It runs great...always has. The other day my girlfriend came home on it from work and it was running fine. We had to go to the store and it wouldn't crank.....at all....I mean not even a sound!! Not even any starter noise. Turn the key and everything worked(gauges,lights,radio....)except the starter(no solenoid noise either). I put a jumper from the battery(+) to the solenoid and it would start...but it would cut right back off. I checked all the fuses,fusible links and connections. I checked the battery also. I checked the battery voltage going to the ignition module(which is supposed to be greater than 7 volts.....according to the book)and all I got was 1 volt. The only thing I can think of is that the problem is between the ignition switch and the ignition module......right???? Is it the key(computer chip in key),the key reader or something completely different? I was told by a mechanic that it probaly was the key and he could bypass for 175 dollars, or he could make everything work like it was supposed to without bypassing for 500 dollars!!!! If it is the key, can I bypass it myself?? Any help on this would be great!!

I've actually seen somebody clean the key with brake cleaner to remove build up

check to see if the "security" light is coming on and staying on when you turn the key to run. if so, the resistor pellet in your key could be going bad.

you can get a new key with the pellet in it for like 30 bucks, or you can bypass the system all together with a homemade resistor pack.