This is one of the former Huffaker-designed MG Liquid Suspension Specials, built in the mid 1960s, for Kjell Qvale. Now part of Vatis Racing and under the sponsorship of Valvoline, this photo shows Wally Dallenbach during the 1967 Indy 500. This car was powered by a turbocharged Offy engine - note the turbocharger on the tail. Dallenbach crashed out of the race.
For more on the MG Liquid Suspension Specials please see the Indy 500 entry in The MG Encyclopedia.