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You almost certently have a leak.
Use some soapy water and dab a small bit (eye droppers work well) on each fitting, valve or anything of the sort. If you see lots of bubbles, you've found your leak.
Check that valve on the compresser first, it may be bad... We had problems with it starting to leak around 90 psi (we'd get up to 120 and then it would leak down).
-Andy A.
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