A gas vent valve has a valve body having a first end, a second end, and a sidewall having a generally constant inner diameter from the first end to a normal operating liquid level. A spacer is positioned within the valve body and has an aperture formed therethrough. A control float is positioned within the valve body and has an outer diameter that is smaller than the inner diameter of the valve body and larger than the inner diameter of the spacer. A top float is positioned within the valve body, above the control float, and has an outer diameter that is smaller than the inner diameter of the spacer. A side port can extend from the sidewall and be positioned below the spacer and generally adjacent the top float with the valve in the open condition.