I am an electrician. The black and red are the hots. The white is the nuetral. The bare wire is the ground. You need 10-2 wire if you use romex for the cord and you use the black and white for the hots. If you use an extension cord or SJO cord, you need 10-3, as it is rated by the number of wires in it.
SJO cord is a heavy duty, very flexible cord that can take a lot of abuse.
By the way, so you know, #12 wire is rated for 20 amps, #10 for 30 amps.
Anymore questions, let me know. Also, they are right, you can never have too much compressor. I have an 8.5hp, 80 gallon campbell hausefield.