The only commercial lip balm I really like is Tropical Traditions' coconut oil based balm. The unflavored only has 3 ingredients: coconut oil, beeswax, and palm shortening. It also generally costs less than $3 and lasts for months. I ran out of my last tube months ago and have been putting out spoonfuls of kitchen oils to dip from for my lips (coconut oil or even palm shortening). I saved my empty tube and already have those 3 ingredients at home. Now I just need the ratios.
Here are some random recipes I have found so far. I'm thinking of using a little glass bowl in a pot of water to melt it since I don't have a microwave and don't wan't to ruin any of my pans/pots with wax. For the beeswax I'm using the candle remnants I saved from 100%f beeswax candles.
I may use this for my ratios (1+ beeswax; 3 coconut oil; 1 palm shortening):
This one uses the ratio of 1 beeswax; 2 coconut oil; 2 almond oil (they use 1/2 teaspoon beeswax, 1 tsp coconut oil and 1 tsp almond oil):
This recipe for a lotion bar is 1:1:1.
I haven't tried this beeswax (below) but it is organic and on sale in case it helps someone source some beeswax.
I love this idea from Jessica at Shower of Roses: