Is this some kind of pressure valve? And is dripping normal? (my guess is no 
)
Looks like a pressure relief valve alright. And no it should not be weeping.
Yes, it’s a PRV. Dripping indicates excessive pressure or a faulty valve.
Thanks guys!!
It is a pressure relief valve and is required by all water well manufacturers to prevent explosion of the pressure tank and burning out the pump. Also used to help with water hammer, but they have a hard time reseating properly and must offten be replaced. It should NOT be confused with a TPR for a water heater of course since it will not sense temperature and could not work anyway due to it’s location.