The other thing you are missing is the power from electricity can be used to generate heat via a heat pump which multiplies the heat output by a pretty good factor, making it more competitive or when oil gets more expensive cheaper. The issue is that fossil fuels are used to make electricity and sometimes the increases in electricity, which somewhat follow oil, lag oil. I've done these calculations many times, for me oil generally comes out ahead of electricity, and natural gas always wins. The energy market is in turmoil right now due to the current administration shutting down leases and generally enacting the "green" agenda, which in the end makes energy more expensive.
The comparison you showed, shows resistive electric heat against oil. Resistive electric heat always loses.
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