Governor pivot shaft leaking oil

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Can you Regulate the Engine Speed Using the Governor Arm? If Yes, then Reset the Governor. **To Reset the Governor; Loosen the Governor Arm Bolt and Turn the Governor Shaft Clockwise Until it Stops. Using the Governor Arm Hold the Carburetor to Full Throttle. Now with the Shaft Full Clockwise and the Governor Arm and Carburetor Held at Full Throttle, Tighten the Governor Arm Bolt. If the Engine Still Runs Full Throttle, then Reverse the Rotation of the Governor Shaft, but Still Hold the Carburetor at Full Throttle with the Governor Arm. If it Still Runs at Full Throttle, then Check the Internal Governor.** If you Can Not Regulate the Engine Speed Using the Governor Control Arm, then Check the Carburetor Throttle Valve. If the Throttle Control Valve (sometimes called a Flap or Plate) Mounting Screws Came Out of the Control Valve, then you will have No Control Over the Engine Speed. Send me the Model and Type or Spec Numbers Off the Engine, Please. With these I can Locate the Proper Manual and Better Assist you. **The Throttle Cable Attaches to the Throttle Control Bracket. The Cable Moves a Slide that Moves a Pivot. The Pivot has the Spring Attached to it and to the Governor Arm. The Solid Link Connects to the Governor Arm and goes to the Throttle Shaft on the Carburetor. When the Throttle Cable is Moved it Moves the Pivot and the Pivot Pulls the Spring. The Spring Pulls the Governor Arm and the Governor Arm Moves the Throttle Shaft. Usually the Spring is in the Lower Hole in the Governor Arm and the Solid Link is in the Top Hole of the Governor Arm.** If you Hit a Snag or this Does Not Correct the Problem, I am Here if You Require More Assistance. Hope this Helps. Let me Know What Happens

On mine (Honda HS55) it turned out to be gummy old grease on the shaft and the lever that are supposed to lock the auger lever down. The spring couldn't overpower the sticky old grease. If nudged or given enough time, it would slowly turn and lock, but not instantaneously, as it should.
10 mm wrench to remove the nut (bottom left) and bolt (under handle) holding on the metal cover.
Once cover was off I could see the locking lever, spring, and the shaft that had the gummy grease on it.
The third photo shows the locking lever as it should be engaged. I had to push it to engage it, due to the spring not being strong enough for the gummy grease on the shaft.
There are flat sides on the shaft, behind the threads for the nut that has already been removed. Use a wrench on those to turn the shaft out. Disassemble. Clean. Oil. Reassemble. Works great now.
Another possibility is that your locking lever or spring are broken.

Keith:

First check for the obvious... fresh fuel? clean air filter? carburetor mounting bolts/nuts tight? cylinder head bolts tight? crank case bolts/nuts tight?

Now to adjust the governor:
Find where the governor shaft comes out of the engine... loosen the nut and bolt on the governor arm clamp (where the governor arm clamps to the governor shaft). Gently pull the governor arm back until it stops, Gently turn the governor shaft the same way (some have a slot for a screwdriver or a hex-head for a nut driver to hold the shaft at it's closed position) as you pull the governor arm. Both the arm and the shaft must be at their full stop of travel while you tighten the governor arm clamp. It may take another person to lend a hand to keep the governor arm at the closed position while you tighten the clamp.

check the gas hose.. these things rot away fast do to the ethanol gas. Tell you congressman to stop pushing ethanol.

clean the carburetor and fuel tank

lossen the nut on the governor shaft, and move the arm toward the carb while holding the arm in this position turn the shaft counter clock wise and tighten the nut. and you are done. GOOD LUCK

Sounds like worn gasket get some stop leak and add it to your oil.

look for a spring between the throttle and the governor arm

Check your compression tecumseh's are known for the exhaust valve seat poping out of the head. If you have compression check the governor shaft it should only turn about a 1/4 turn.