PICKED UP VEHICLE FROM SHORT TERM PARKING IN APPROXIMATELY 7 DEGREE WEATHER. AFTER STARTING VEHICLE AND RUNNING FOR APPROXIMATELY 15 MINUTES NOTICE SEVERE POWER LOSS. WITHIN NEXT COUPLE OF MINUTES BLACK SMOKE WITH EXTREME BURNING SMELL FLOODED VEHICLE INTERIOR COMPARTMENT ALSO SMOKE STARTS TO COME FROM UNDER HOOD OF VEHICLE. PULLED INTO SAFE LOCATION FOUND HUGE OIL LEAK ON LEFT SIDE OF ENGINE AROUND VALVE COVER. COULD HAVE POSSIBLY STARTED A FIRE DUE TO HIGHLY COMBUSTIBLE OIL BEING BLOWN ON ENGINE BUT LUCKILY DID NOT CATCH ON FIRE. CHECK ON-LINE FOUND TSB 05-06-01-007A STATING GM KNOWS THIS IS A PROBLEM. "WHEN OPERATING IN EXTREMELY COLD WEATHERCONDITIONS, SOME 2003-2004 VEHICLES WITH 3.2L V6 ENGINE MAY LEAK ENGINE OIL FROM THE CAM/VALVE SEALS, ESPECIALLY FROM THE LEFT SIDE JUST BELOW THE OIL FILL HOLE IN THE CAM/VALVE COVER." THIS IS QUITE A BIT MORE THAN A LEAK SINCE APPROXIMATELY A QUART OF OIL WAS BLOWN ON THE ENGINE IN ONLY A COUPLE MINUTES. IF THE ENGINE WOULD HAVE BEEN HOTTER THERE COULD EASILY HAVE BEEN A FIRE. SINCE THIS IS A KNOW ISSUE WITH A KNOWN CAUSE SHOULDN'T THIS BE TAKEN CARE OF BY GM OR AT LEAST THE SAFETY OF THE DRIVERS AND PASSENGERS SHOULD BE CONSIDERED. THEY HAVE A CORRECTION LISTED IN THEIR TSB THAT LOOKS TO FAIRLY INEXPENSIVE BUT SINCE THIS IS NOT ON A RECALL LIST THE COST FOR REPAIR WILL BE MUCH LARGER DUE TO THE BLOWN OUT GASKETS. IT COULD HAVE BEEN MUCH WORSE IF THE VEHICLE WOULD HAVE CAUGHT FIRE. TO FIX BEFORE THIS HAPPENS TO YOU USE GM