So my gas tank seems to build up pressure in it sometime - For example if i've been riding for awhile on a hot day and open up the gas cap to check my gas level it will either fly open do to pressurized gas fumes or hiss as I slowly let it open. Why is this and is it a problem?

 

there is a pressure hole in the tank which is clogged and not allowing the pressure of the gas to escape when the fuel diminishes. use an air compressor.

 

Where on the tank is that located - possibly by the gas cap or more so down by the fuel petcock area/all those feeder hoses.

 

its under the tank at the back of it all those "feeder hoses" dont remember which one though. try compressed air. didnt work for me cuz someone coated it with tank sealer so i had to get a vented gas cap

 

If you look by the water pump you will see 4 hoses. The bigger one is 1 of 2 coming from the tank. The 2 really long ones are the float bowl drains coming from the carbs.