oil pressure skyrocketed

So I got in my xj today and everything seemed fine. Started driving down the street and could smell oil burning. The cherokee was still running normal. Look at the oil pressure gauge and it skyrocketed. It was well past the final line. Pulled over and checked under the jeep and it was dripping oil pretty quickly. Never had this problem before, any suggestions on what to check out before I take it to a shop?

Also it is a 93 4.0L with about 130k on it

First guess: your pressure sender is cracked and/or disconnected (hope this is it, it's a cheap easy fix)
Second guess: oil passage somewhere is blocked.

Where is the oil dripping from? If it is dripping from the vicinity of the oil filter or the sensor right next to it, try either tightening or replacing that depending on whether it's broken or just loose/disconnected.

If you are running a Fram, replace it.

2x on the sender being bad/cracked.

turned out to be broken oil pressure sending unit. Thanks for the help. I am very releaved it was such an cheap and easy change.