When we are driving on the highway the service engine light will come on sometimes and then flash, and as its doing that the rpms go really high and the speed drops down. Any ideas why?
Never continue to drive if the check engine light is flashing, that is very different then if it is on steady. You can cause severe damage to the emission system, or the engine transmission. Sounds like your transmission or clutch is slipping. Get your diagnostic codes read at a local Autozone or Oreillys auto supply free.
The top person is semi correct but wrong on the tranny. Any time the CEL flashes, it means the issue that the ECM is seeing is a possible Catalytic Converter damaging concernt that is happening usually it is a misfire or anything that can cause raw fuel to enter the exhaust from being unburned most likely from a miss. No transmission issues will ever cause it to flash ever!!!!!!