Master Sergeant Price was a member of Headquarters Company, 7th Infantry Regiment, 3rd Infantry Division. On 10 March 1953, he was the observer on a LT-6G Mosquito control aircraft from the 6148th Tactical Air Control Squadron, 6147 Tactical Air Control Group. While on a combat mission, his aircraft received a direct hit by anti-aircraft fire, crashed and exploded. He was listed as Missing in Action and was presumed dead on 11 March 1954. His remains were not recovered. His name is inscribed on the Courts of the Missing at the Honolulu Memorial.

For his leadership and valor, Master Sergeant Price was awarded the Distinguished Flying Cross, the Purple Heart, the Combat Infantryman Badge, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.