Sounds like you've got a bad regulator. I work with a lot of compressed gas (mostly nitrogen) and in my experience this small hole on the regulator is a relief valve designed to bleed pressure if your low pressure side exceeds rated pressure. So basically, one of two things happened..... Either you bought a faulty regulator (which does happen and should be returnable) or when you initially installed the regulator and opened your CO2 line, the regulator was fully dialed in and exceeded its pressure rating (which it shouldn't do.....faulty regulator). This is what you do.... check all your CO2 connections tight. Fully back off the regulator set screw. In a small squirt bottle mix dish soap and water, shake it up real good so it is bubbly. Open your CO2 shutoff valve on the tanks. Spray soapy solution on those connections, listen for air noise. If you hear air noise or your soapy solution continues to bubble, you've found your leak. Next verify you high pressure gage reads pressure in the CO2 bottle. Then, slowly dial up your regulator. I would start with 5 psi. Soap all connections and listen. See if it will maintain a cool 5 psi. If it maintains 5, then you probably had a leak before and ended up tightening it prior to and you should be able to dial your full 13 or 14 psi. If not, replace the regulator. That is my best advice, but make sure when you soap your connection that you are thorough. A small leak is very easy to miss. It may aid your search for the leak to raise pressure above 5. But, judging by what you have described I would guess faulty regualtor. Best of Luck.
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