lets gas vapors out or keeps them in. You want it installed so when the tank starts to develop a vacuum (due to fuel pump action) that the valve (opens) allowing air to displace the fuel leaving the tank. Installing the valve the wrong way would be a bad thing - tank vacuum and possibly a burnt out fuel pump could occur. Note - Your gas cap is sealed due to emissions requirements, it's not supposed to allow atmospheric venting. That's the purpose of the carbon canister system. If a gas cap is left open (on most modern cars) you'll get a dash engine code light. BTW - might be over thinking this, but it would worry me to just allow air to free flow into a gas tank. Concern would be dust and particles making their way into the gas tank over time (yes, old cars use to do it but they didn't have high pressure fuel pumps too). I've seen one way valves that also incorporate a filter element on the end.
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