That would cause it to leak out the top of the resevoir/cap wouldn't it? There is no oil inside the boat that I can see. I did however loosen the screw on the bottom of the drive to check the oil before I put it in the water. There was oil at that time. Could there be a hose loose to the drive and when I trim it up it leaks out? The only reason I say that is it only seems to leak when I go out in the boat not at the dock.Leud Conduct said:I just had the same problem. Mine was the little orange rubber pressure valve in the top of the cap. I changed it for a new one and problem solved.