* What did you do to/for your E46 today? *
Supposedly the old Oring can get so flat that it looks like its part of the cap. I'd recommend buying a whole new reservoir and some new hose clamps. Then, clip the PS hoses below the old squished section and put them on. This knocks out multiple problem sources for $25: hose leak, cap leak, new PS filter, hose refresh.
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A person filled with excessive and single-minded zeal