Olds' fondness for alcohol was well known. John Darrell Sherwood, in his book "Fast Movers: Jet Pilots and the Vietnam Experience", posits that Olds' heavy drinking hurt his post-Vietnam career. On July 12, 2001, Olds was arrested for driving under the influence of alcohol and resisting arrest near his home in Steamboat Springs. Olds, briefly hospitalized during the incident for facial cuts, pleaded guilty in return for charges of weaving and felony vehicular eluding being dropped. Olds was placed on one year probation, and ordered to pay almost $900 in fines and costs, attend an alcohol education course, and perform 72 hours of community service.