While removing the hard line for the fuel tank vent/charcoal canister i noticed this little piece. It appears to have no function being that it only has an in line and no out line. Can i remove it and let the soft line vent?

 

It is a roll over valve. No gas leak if your roll over.

 

The roll over valve is further down the system I thought. Nearer to the fuel filter inlet.

 

I did a little research. Its a check and cut valve. It regulates the internal pressure of the fuel tank. The valve opens to suck air in through the dangling hose as the excess pressure escapes through the charcoal vent line (what I removed today) to equalize fuel pressure.