A vent and shutoff valve is provided, and includes an upper portion with an inlet for receiving fluid and an outlet for venting vapors. The upper portion mounts to an outer surface of a fuel tank. The lower portion extends into the fuel tank. The lower portion includes an elongated tubular valve housing, and a sliding sleeve housing disposed within the valve housing that defines a fluid pathway. The sliding sleeve housing includes a bypass port that fluidly couples the fluid pathway with a fluid channel formed between an outer surface of the sliding sleeve housing and an inner surface of the valve housing. The lower portion also includes a sliding sleeve disposed within the sliding sleeve housing that forms a fluid chamber between an outer surface of the sliding sleeve and an inner surface of the valve housing. The fluid chamber is fluidly coupled with the fluid channel.