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Get an inline desiccant filter for $8 at Lowes/Home Depot and mount a $6 oil water separator upstream of it. I have used this setup for field work with my plasma cutter for years and have never had an issue. For longer term use I bought a refrigerant drier for a central AC unit and soldered on 1/4" male pipe fittings. I chuck this in the oven overnight on the lowest setting to purge any moisture.
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