Pipe before regulator is rusty and leaks a little

[Causeway894]

Hello all! Hope all is well.
As you can see in the pics, the pipe that is between my water meter and the regulator ( I think it is a regulator ! ), is rusted and leaking a teensy bit.

Can you guys please give me some feedback if I should just deal with the rust and use some WD-40 or should I change the entire pipe?

I have basic plumbing tools and am pretty handy.

Ty all for the replies!

 

[slownsteady]

Wow. Looks like someone used the wrong kind of pipe. I would replace it ......if it can be taken apart.