Petrochemical derivatives (oil) in general should be a highly valued material in this world, indeed.
It's a fuel source for motors, important mechanical lubricant and the source material of various other chemicals already in use by the 40s.
Its importance might not be as huge as it'll be in the cold war era or our modern world but it's still one of the things nations should be fighting for.
[@Voltus_Ventus]BTW, are my elves accepted for now?
I'm already working on their profile in the character page.