It's a sealed hose coming out of the tank, with a hard plug in the end, attached somewhere higher than the tank. This is your fuel tank vent, which allows air into the tank as the engine uses fuel. The hard plug at the end should be a rollover valve, which prevents the fuel from leaking out in the event of a rollover.
If this valve is not working correctly, when you remove the fuel cap it will sound like it's sucking air in.
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