If I had to guess, I'd say there was a past problem with gas fumes in the car and someone bypassed the vent and installed a vented cap. If the tank isn't vented someway, the car will starve for fuel and worst case is the fuel pump suction could collapse the tank.
Check your gas cap to see if it's a vented type. If it is, you should be OK as is. If you're like most of us though, you want it to look and function as designed.
It's entirely possible this is a factory fix. Nose around for a Ford tech bulletin.
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Glenn Williamson
Rocketraider
member AACA and all major Olds clubs
1964 Starfire, 1969 Toronado, 1974 Hurst/Olds, 1976 Ninety Eight
There's a Dodge K-Car and a Ford truck hiding in there too! Hey, ya gotta have something to beat around in...