Nope, its your speedo cable.  Speedo on a Savage is run off a gear in the transmission, like on a car.

Since oil likes to migrate up this cable if the "O" ring isn't in place and so many folks ask about the oil leak from this location for that reason, your misunderstanding is perhaps understandable.

Just A Suggestion:  (aka Greg's endless chant)  you might consider getting a Clymer's repair manual or get the address for an on-line copy of the same and consider referring to it frequently.  

Knowledge is bliss (and lack of it can be a b1tch).


Proof of this statement is if I picked the wrong "hose" to respond to ....  

..... then the joke's on me .....

 <g>


Oldfeller


(now it's somebody else's turn to guess at which "hose" he's talking about)

I have the same problem on my'87.I've tried a new O-ring,got a new cable with the correct seal,and it still leaks.I looked at my original speedo,and it's oily,grimey.So it's been a problem before I put an aftermarket speedo on.

Yep that's kinda what I did to mine.

It looks like a Harley Sportster 883 tank with 3 gal capacity