Oscillations of a conducting drop immersed in a dielectric fluid in an alternating electric field were modeled to understand the enhancement of transport processes by the electric field. Numerical solutions for oscillation amplitude, velocity distribution, resonant frequency and streamlines were obtained. The effects of viscosity and density on the resonant frequency and the velocity distribution were investigated. It was found that the resonant frequency of viscous fluids was always smaller than the free oscillation frequency of the same droplet. The predicted scanning frequency response curve and the streamlines agree well with the experimental observations.