co2 regulator

My regulator doesn't seem to have much adjustment to it. It has a turn knob on the front of the main body with a nut. No matter what turns it has, there is always the same pressure reading 16-17 psi( A few points higher-20 psi- now that it is in my kegerator). Is the reg bad? The guage? Just to make sure I am not a total idiot, Should I be turning the t handle clockwise to reduce pressure? I have it turned all the way in. Please help, I'm trying to carb some beer here!

Clockwise to increase the pressure, counter to reduce. You should be able to get it all the way down to zero but you might have to vent to do it.

Thanks Bobby, always the man with this stuff.