You are so right Chuck. Mine was leaking as well and had to replace it. Easy to do once you have it apart. I went a little further and used a Viton o-ring. The standard Nitrile (buna-N) o-ring is OK and resists oil, but has a limited temperature of 225-250*F. So over time, it hardens and will leak. Viton is highly chemical resistant and resists heat to 400*F. Yes it is more expensive, but on that small of a part, its only pennies.
If this was a static o-ring (meaning it never moves), Nitrile is OK. But it does become unseated everytime you make an adjustment.
One more tip along this line. Everytime you press the adjuster in, a little bit of oil drips out. I always take an oil rag and wipe the bottom side of the adjuster when I make an adjustment. A little over-the-top I know.