Yes graphite is conductor...but aluminum oxide does not develop as pitting. Either way, the important thing for the operator is to keep the gun moving.....not to worry about finish wear and service life.
A clarification...
Trevj pretty much has it right. We're not talking about aluminum oxide here, which I agree does not typically form pits. The corrosion occurs through galvanic action - basically the graphite and the aluminum form a battery, with salty water (sweat) as an electrolyte. The aluminum compounds that result most certainly do cause pitting as they are created.
As I said in my original post, this is a long-term process. I'm not saying that graphite is or isn't an appropriate lubricant - I'm just saying that if used long-term, it may lead to corrosion of exposed aluminum (i.e. coating/anodizing worn off).


















































