John, a regulator lets you set a pressure in the compressor.  Say you wanted 32 
psi, a regulator would let you set that pressure and the compressor would not 
exceed it.  My gallon compressor will build up to 100 pounds pressure and shut 
off until the pressure diminishes, say by my using it.  Then it will resume 
trying to restore the 100 PSI pressure.  A regulator lets you vary the pressure 
at which the compressor will stop compressing or below which it will resume 
compressing.  
Ron Denis 

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