Here is a chart from an induction furnace manufacturer.
My oil burner operates at 120 kW (it can produce more power, that is just where I operate it).
So looking at the analogous 110 kW unit below, and assuming 208V, 3-phase, which is what I have, then we would have 305 amperes, which exceeds my 200A service.
My electrical service would not provide 200A continuous either, and so that would be another problem.
At most you coud draw 160A from my service, but it also depends on the transformer sizes on the pole, and the utility company always undersizes those by a great deal.
So in summary, an oil fired furnace is a very economical way to melt iron on a tight budget, and also a very reliable way to melt iron, with basically no maintenance costs over time.
If I happen to win the lotto, I will look at an induction furnace.
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