I've got about 30 rolls of new lincoln cents. I got them from the bank and put them straight into my safe deposit box. That way they get very little air and are in a stable climate. That's the best thing i think you can do.
The material the military uses to preserve firearms is "cosmoline". Superficially, it's like petroleum jelly: long-chain, nonpolar hydrocarbons. Different melting point. Something can protect steel quite well and potentially be a bad idea for coins. I'd worry about the sulfur in the petroleum, which can react with coinage metals. One issue would be how to remove it from the coin later. Experimenting on low-value coins might be fun and educational, but it could take decades to find out for sure.
Petroleum jelly ( Vasoline) has small quantities of Hydroxypropanoic acid as well as EDTA, both of which can react with copper. How long and how much it takes to do damage? I don't know. Maybe safe for for decades. Info-Sponge has it right in that petroleum, being a product of decay, will have some sulfur containing amino acids that when they break down will release sulfur compounds. That said, it is better to put the coins in zip type of food bags, squeeze out the air, and zip them up. IMO. Jim