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Anybody know what supposed to go on here? I noticed this today when I was wiping down the engine. The white nipple is in between an AIR pipe and a canister of some sort in the front of the drivers side wheel. I don't think its an evap canister, (I think that's in the rear), the canister has some wires going to it. The white nipple is on the drivers side ride above the steering shaft. It looks like there was maybe foam on it at one time. (sorry for the resolution, looks like it got resized when I posted)
Oops, your right, thought I had put that info in. It's a 94 LT1.
After a little more research it looks like this line runs between the electric A.I.R. pump and a tee from one of the check valves that is connected to the pipes coming off the exhaust manifold.
Got my service manuals today, and the answer to my question: according to it:
The "vacuum bleed valve, along with turning the air pump "ON" during cranking, helps prevent vacuum buildup within the AIR system which could prevent the integral stop valve from opening"
So it is a check type valve that allows air into the system but once pressure builds up, it doen't flow out. As suggested earlier, the remants of the foam on the valve was probably a filter to prevent any debris from entering the system.