Bad Burning Smell When Flooring Accelerator

[Stork]

Hello all, lately when I floor the gas pedal for more than 3 seconds my XLR ('06 base) creates a very bad burning smell inside the car that I believe is coming from the engine compartment. I don't see any smoke or other evidence when I stop and open the hood other than a faint remaining odor. The smell is unusual to me, sort of chemical maybe, or maybe burning rubber (not tires!) or burning oil. My guess is burning oil but I'm just not sure. This does not happen during regular driving, only when I go extreme on the gas. Any ideas on what this could be and how serious? Thank you.

 

[HOMEGAMEROOM]

It could be an oil leak that gets a little worse under higher oil pressure (hard acceleration) or a leak that gets 'slung" onto the manifold due to the higher G forces. Do you notice any leaks around any engine seals close to the exhaust manifold? It could also be a small exhaust leak, but that would probably be unusual.

 

[Texas Shriner]

+1 on what HOMEGAMEROOM said. Also, C5 LS-1s had a habit of "puking" anti-freeze under hard acceleration - you might investigate there also.