22 months ago I had the old pump in my well replaced with a new 3/4 hp Red Jacket submersible pump. I don't know how deep the well is. About a year ago, I had the rusted out metal tank replaced with a new fiberglass tank which is underground. Recently, I started having problems. The gauge shows no pressure in the tank. I could hook my small air compressor to the valve and run it to get a good flow of water in the house, but it only lasted long enough for my wife and I to shower before it started spitting air. I dug down to the tank, found a few slow leaks in the connections from the top of the tank to the pressure switch. I took every thing apart and reconnected it with new teflon tape. It still did the same thing. I replaced the copper line from the tank and all fittings up to the pressure switch which I replaced with a ProPlumber 30-50 psi 2 wire switch. I purged the tank by hooking my compressor to the valve and opening the faucet outside that has a water hose attached. With the power to the switch (and Pump) off, I ran the compresor until no water came out of the hose, only spitting air. I then shut the faucet off and added approx 28 lbs of air to the tank. I then turned the power back on. However, the tank would not hold air. It would get up to the correct pressure so long as I had the compressor running, but without it the pressure would drop to close to nothing...maybe 2 or 2 psi. I have checked every connection that I made repeatedly with soapy water and found no leaks. What could be the problem?? Oh, yeah, I've checked and I'm getting 230 from the feed wires and 230 from the wires to the motor.