Oh boy an Enertrol, blast from the past. If its working correctly the temp should be cranked back to about 140 and the timer, it is for domestic hot water if you had a tankless coil which you don't, should be bypassed. Taco, techmar, Beckett and others make digital models now that are much better. If you really want to cut your oil bill though, it's time to take the beast out of the basement. Take a look at system 2000 or buderus boilers.