Last year, due to the high oil prices I ran my electric hot water heater for the summer. This year I ran oil for the whole summer. For the months of May thru Sept I burned 91 gallons of oil ($206) vs the previous year electric bill increase of $188 as compared to this years bills. There are 2 of us in the house and there were no usage changes. Electric was only $18 cheaper but could radically change with the price of oil.