This is the compressor JackEb

the regulator is either turned out all the way(counter clock) or you need to push and turn to (clockwise) some regulators are push turn and some are pull turn...as mentioned b4 if pressure is outta tank and the regulator gauge still shows pressure then tha e gauge is bad...see it all the time at work...you can repair or clean the regulator and it should work....
 
i work at a industrial painting company in the warehouse and repair all kinds of equipment.. compressors to huge plural pumps to sand blasting equip...i would sug to pull the regulator and clean and install a new gauge....it could have moisture buildup on the inside or a bad o-ring...
 
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