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freborg says the leak is at the 1st. stage end of the hose. I don't see how the spool would cause that.Sideband:I'd check the spool first before buying a new hose. Try replacing the 2 o-rings.
cancun mark:scubatoys is right, there is a failsafe mechanism that creates little pinhole leaks through a double layered hose in order to avoid catastrophic air loss. Your hose has failed, get a new one they are relatively cheap.