Ingredients

While I am about to recommend a recipe, it is important to remember that ingredients are wholly up to the one making the product. If you like a certain essential oil, or emollient oil more than the ones I recommend, then by all means..... USE IT. You will perceive in the following ingredients and instructions a methodology for making salves that can be accomodated to your own inventions. That being said.......
The ingredients I like for lip balm are as follows:
1 Pint Olive Oil
1/2 to 1 teaspoons grapefruit extract (NOT grape seed extract)
2 tablespoons Tea Tree Oil
Bees Wax to desired hardness.
Dried Comfrey according to preference. (We use about 1/2 cup... don't use it fresh, as the water won't mix with the oils.... MANY other herbs would work very well... experiment! Chickweed would be good, for instance.)

Warm your oils to a minimum temperature.... NOT hot at all, but JUST warm enough to melt the bees wax in. Excessive heat will destroy some of the benefits of your oils, namely any enzymatic activity. Next, let it sit there steeping out the constituents of any herbs you put in, and then strain out the herbs with a strainer. Next melt your bees wax into the warmed oils, and let it slowly melt into them, until homogenous. It is important not to get your salve too runny or too hard. It is easy to add more bees wax, but you can't remove it once you've added, so be conservative. If its too runny, just reheat, and add a little more, and let it cool again, and see how you like it. You will be surprised just how little bees wax it takes to thicken it up... maybe a couple of tablespoons or so. Parafin may be used in the absence of bees wax. Lastly, just pour it into the containers you desire, and let cool.

NOTE: Emulsifying ointment can be purchased at a good pharmacy. It helps to join together waters and oils. If you do an internet search for "Compounding Pharmacy" you will get hundreds of links, most of which will carry this, and many other useful products. If this cannot be obtained, for some reason, or if you prefer to make your own, see method below for doing it yourself.