Vents are neccessary
I'm a big fan when it comes to saving energy, but blocking oven vents is not helpful.
First of all the energy savings is nowhere near 30%. While the back burner does get hot, (If your electric stove has coil type elements, the vent is typically at the right rear element.) so does a lit candle. In other words, only a little bit of high temperature energy is lost.
Secondly, the oven vent system allows a little airflow to happen within the oven. Why is this neccessary? To avoid temperature stratification. Stratification happens because hot air rises. The oven air separates into layers of hot air at the top, cooler air at the bottom. Stratification means uneven cooking of your roast, and plays havoc with bread baking. Venting allows a small amount of airflow, which stirs the air and reduces stratification.
Thirdly, a blocked vent will mean your oven temperature will be lower than you expect, again because of the hot air rising/stratification issue. The oven temperature sensor is near the top of the oven. With stratification, the sensor "feels" the hotter air near the oven top, while the middle and lower areas of the oven can be a lot cooler.
So if you're bread doesn't come out nice one day, check to see if you left a frypan on the rear burner of your electric coil stove. Aha, stratification!
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