Price is located in western Rusk County. It is an unincorporated community. The Rev. Joseph H. Price first organized a Methodist church there in 1852. The post office was established under the name Carlysle in 1881 which was renamed to Carlisle. It then was discontinued in 1904. The post office was then again renamed to Price in honor of the J. M. Price family in 1940. The oil-refining industry began to play an important role in the local economy during the 1940s. The Carlisle Independent School District serves area students. In 1988 and 1990 it had an estimated population of 275 and one business. The population remained the same in 2000.
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