Mine did something very similar shortly after I bought it. Didn't have the time to take it back to where I bought it, so I pulled the head, and found a broken reed valve. Measured the thickness of that reed, opend up my feeler gauge set, found one of the same thickness and made a new reed valve. That was a good 15 years ago, and the compressor is still pumping air just like it is supposed to. Some days it runs almost non-stop.
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