THE FLC OF AN E120 SHUT DOWN THE #1 ENG AFTER NOTING AN 'EXCEEDINGLY HIGH' OIL PRESSURE INDICATION. THE FLC THEN REQUESTED ATC ASSISTANCE AND RETURNED TO THEIR ORIGINATION ARPT; WHICH WAS 100 NM AWAY.

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AFTER CLBING OUT OF ATLANTA AND LEVELING OFF AT FL230 ENRTE TO FAYETTEVILLE; I (FO) NOTICED AN EXCEEDINGLY HIGH OIL PRESSURE READING ON THE L ENG WHILE COMPLETING THE CRUISE CHKLIST. I TOLD THE CAPT OF THIS AND I PROCEEDED TO RESET THE CIRCUIT BREAKER FOR THE OIL PRESSURE GAUGE. AFTER RESETTING THE BREAKER; THE PRESSURE STILL REMAINED HIGH. I CONSULTED THE PLT OPERATING HANDBOOK (POH) AND THEN DISCOVERED THAT THERE WAS NO CORRECTIVE ACTION IN THE POH. I TOLD CAPT OF THIS AND THEN CONSULTED WITH THE COMPANY MAINT. MAINT TOLD ME TO FOLLOW THE POH; AND I INSTRUCTED THEM THAT THERE WAS NO CHKLIST FOR THIS SORT OF DILEMMA. IN THE MEANTIME; THE CAPT WAS PULLING THE L PWR LEVER TO FLT IDLE AND TURNING THE ACFT BACK TO ATLANTA WITHOUT MY INPUT. THIS STARTLED ME. AFTER GETTING OFF THE FREQ WITH MAINT; THE CAPT INSTRUCTED ME TO SHUT DOWN THE L ENG. BEFORE I COULD GET A WORD IN; HE WAS SCREAMING AT ME TO COMPLETE THE 'ENG FAILURE AND FIRE ENRTE CHKLIST.' WITH THE CAPT RUSHING ME TO COMPLETE THE CHKLIST; I COMPLETED THE CHKLIST. ATC ASKED IF ASSISTANCE WAS NEEDED AND I RESPONDED POSITIVELY. RADAR VECTORS WERE GIVEN BACK TO ATLANTA. WE DEVIATED AS NECESSARY AROUND TSTM CELLS JUST E OF ATLANTA. LNDG WAS UNEVENTFUL; WITH NO DAMAGE TO THE ACFT AND NO PAX INJURED. THE CAPT SHUT DOWN A PERFECTLY GOOD ENG BECAUSE HE WAS WORRIED ABOUT SEIZING A 1 MILLION DOLLAR ENG. THIS PUT 3 CREW MEMBERS AND 26 PAX'S LIVES IN JEOPARDY. SINCE THIS WAS AN EMER SIT; TURNING BACK TO ATLANTA WAS A POOR IDEA. LNDG IN COLUMBIA; SC; WOULD HAVE BEEN A MUCH BETTER IDEA (ONLY 45 NM AWAY VERSUS 100 NM TO ATLANTA).