A bi-directional cracking valve that can be selectively opened. Bi-directional cracking valve (10, 70) is formed using an elastomeric membrane (34). Centered within the elastomeric membrane is a slit (36) that remains closed, blocking fluid flow through the device until a differential pressure across the elastomeric membrane exceeds a predefined cracking pressure, sufficient to force fluid through the slit. The elastomeric membrane is an integral part of an elastomeric cylinder (28), which is mounted in a valve carrier (12). The valve carrier includes ports disposed at opposite ends and the ports are adapted to couple to tubing. An operator can selectively enable fluid flow through the device by squeezing side tabs (40, 42) disposed on opposite sides of the elastomeric membrane together, forcing the slit open. A latch (46) is provided to keep the bi-directional cracking valve in an open state.