Why is my air compressor drawing too many amps?
With no load on the motor you should not see or even be close to FLA at speed.
Sounds like time to add grease/ oil to the motor bearings. You could also replace the bearings.
It is common for older motors to start to draw more as the bearings fail. 
I would not wait long or the rotor may start hitting the stator then it is time for a new motor most of the time.