What is This Part and Why is it Leaking Oil?

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Hypnotoad

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1965 Valiant 273.

Yes, that was a very "newbie" question, but I'm learning about cars as I go. So:

This thing on the passenger side is leaking oil. What is it? From there, I'll be able to try and find ways to fix the problem.

As always, thank you for the help!
 

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It's part of the torison bar system. That part doesn't have oil. Maybe a little grease that's it. The oil is coming from in front of that and the wind is blowing it back. You have an oil leak on the engine is my guess.
 
Either that or the grease inside is breaking down, maybe from exhaust heat, the pipe below
 
Thanks, all. I will keep an eye on it. I did notice that the oil pressure sender was leaking, so I replaced it earlier today. We'll see if the leak dries up now.
 
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