An engine that's burning oil spews obvious signs and signals. Clouds of smoke at startup or when getting on and off the throttle visually show where that quart of oil every 500 miles is going. If the dipstick is reading low and there's no sign of oil smoke, suspect an oil leak. While the source of oil leaks can be hard to locate, a common and relatively easy to repair source of oil leaks is from where the valve cover meets the cylinder head. If oil is going missing and the area around and under the valve cover is soaked then it could be time to replace the valve cover gasket.
Read the complete article on "Valve Cover Gasket Replacement."