Air compressor, do I need to replace the regulator or something else?

I have a Campbell Hausfeld HL550100 air compressor. It's a small tank that I mainly just use to inflate tires, and very rarely for a few air tools.

A few days ago I was pulling it along, when the regular cap just popped off! I hadn't loosened it or anything, and the tank was empty, so it was a pretty big surprise.

I screwed it back on and filled up the tank, only to find that now it doesn't release the air to the hose.

Under the cap is a black plastic ring. It's greasy (by design, I think) and doesn't appear damaged.

Underneath that is a brass piece that I assume is the pressure switch? It doesn't appear damaged, but I poked around on it and nothing happened. Since no air is coming out with the regulator cap off, I'm guessing that this piece is the problem child.

I can buy a new regulator for about $20, but it looks like pretty much everything else (including the pressure switch and unloader) is discontinued and no longer available :-(

What do you all think, would replacing the regulator fix this? Or is there something I should try to fix it without replacing? Or is it just a big brick now?

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