Pace RC38 airforce forks leaking snot

Kappa

Retro Newbie
I picked up a bike with these air forks and one of the bottom valves wasn't holding any air and the schrader valve was difficult to depress. I removed the schrader valve and it started to spew black gunk that smells like rubber inner tube.

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Any idea what it is? Oil causing breakdown of seals? What products are suitable for cleaning it?
 

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