As far as I know there is something in the fuel tank that measures this (it could be part of the fuel pump, but I'm not 100% sure)
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most likely, but it could be anything - possibly electrical.
you need to take it to a shop, have them inspect it and give you an estimate. the inspection will be cheap and then you'll know for sure what the problem is and if you need to worry about it any further.
If the gauge still works leave it alone. Or you can fix it like some of my buddies have done.
Fix #1, Remove bulb from behind dash.
Fix #2. Put black electrical tap over low gas warning.
My favorite
Fix #3, Get new car and let someone else deal with it.
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