An oil lubricated compressor having a universal motor, efficient starting and re-starting characteristics, and a long operating life. The oil lubricated compressor can have a brushed or brushless universal motor which can drive a cooling fan and a pump. The universal motor can achieve a high torque to voltage ratio, as well as a high torque to current ratio, upon starting or re-starting of the compressor. Optionally, the oil lubricated compressor can use a single cooling fan disposed in the compressor at a location which is between the universal motor and a cylinder head of the pump.