A method for controlling a fluid delivery system that includes a controllable pressure regulating device, a pressure sensor, a flow meter, and a controller. Initial values of a compensation factor and a cracking pressure are established, and a pressure of the fluid at each of a plurality of time increments occurring during periods while the fluid is dispensed is measured. A volume of the fluid dispensed during a first period, an average pressure at the time internals during the first period, and an actual average flow rate during the first period are determined. Then the average pressure value, the average flow rate value, a new compensation factor and a new cracking pressure are used to determine a theoretical flow rate for controlling the pressure regulating device and producing a pressure corresponding to the target flow rate.