I dont know much about this subject. As far as coal and oil are concerned, I would assume they burn hotter than wood. This is most likely the reason wood was fazed out. Because wood was a cooler burn, I imagine that two factors helped. The lower temperatures in the boiler / firebox would allow the metals to last longer, and also the boiler pressures were lower which meant less expansion / contraction.
I personally would bet the reason oil became a popular fuel was because of the labor involved. Not only in use, but also mining, storage, and transporting.
I also believe that if you had an engineer, a fireman, and an environmentalist sitting at a table, they would all have a different choice as to the best fuel...
Casey