gasoline can spout seal

I have a 5 gallon plastic gasoline can that I use to fill lawn mowers, blowers, chipper/shredder, etc. The screw mechanism has a rubber ring on the spout that is supposed to seal against the seat, but every time I fill a tank a few drops (sometimes more) leak out. The rubber ring has a slit on the inside that fits around the spout bottom to hold it in place. Any fixes for this other than buy a new tank?
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Make a new gasket. Any good hardware store or industrial supply will have gasket material. You probably already own a pair of scissors so you have all the tools you need.
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When I need a good seal for things like that, I get out the GE Silicone II (not I). Squirt some in, finger it nice and round to fill the area where you need a seal, put cellophane tape over it, and put the cap back on but not tightened the last half turn. Let set until it cures, about two days to be certain. Remove top, remove tape, you've got a perfectly shaped seal now that seals great when you screw the cap on all the way. Only used it for gas one time, but it's on its third season with no problems an ds6till nice and flexible.
FWIW,
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