This was an annual event held near where I live, at Raceway Park in Englishtown, NJ. This was filmed during "Crazy Eddie's Night of Thrills" on (I believe) June 15, 1977, and I was there! I was in the pit-side bleachers, opposite where this was filmed, about halfway down the rack.
The closing part of the video shows two J-79 powered jet dragsters. If I am not mistaken, one of them suffered a brake chute malfunction, leading to the death of the driver when the unrestrained vehicle punched through the barrier rail at track's end while still traveling at almost 200 mph.
This was so far away (almost half a mile) that no one in the stands knew that it had happened. They just nonchalantly announced that there were to be no further runs that night, and closed the track. We did not find out until the next day.