The main aim of the project is to price 3:2:1 energy crack spread options via Monte Carlo simulations. In order to apply Monte Carlo simulations, the first thing to do is investigating the prices dynamics of following energy commodities – crude oil, gasoline and heating oil, which are the components of 3:2:1 crack spread options. Both discrete and continuous time models are applied to the price data and after the best fitted model is obtained, 3:2:1 crack spread option prices are calculated by Monte Carlo simulations. In addition to Monte Carlo simulations, Black Scholes and Kirk Formula methods are used for the single options and the results are compared with the Monte Carlo simulations. Results show that Mean Reverting Geometric Brownian Motion with GARCH (1,1) volatility is the best model for the underlying assets‟ price dynamics and Monte Carlo simulations don‟t perform better than the closed form solutions.