While getting packed up for a quick overnight trip I smelled propane near the propane tanks. Here is my normal routine: I always turn on the propane tanks and light the stove to purge out the air out of the line so the fridge will light quicker. Everything worked as it should but when I went out to the truck to grab another load the propane smell hit me. So I sprayed all the connections and all looked good but when I took off the white plastic cover on the regulator and sprayed it, this is what I saw:

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Does this mean the regulator is bad or is there any to seal it up? My gut tells me it needs replaced. Thanks!