UPDATE: Have been using the lip balm for several days and my chronically chapped lips are about healed. :)
Homemade Lip balm
1/3 cup of canola oil (I used mostly sweet almond, little Jojoba and a few droppers of Argan to equal 1/3 C)
1/8 cup of beeswax pellets (or grated beeswax) I used organic cosmetic grade beeswax.
Peppermint or other essential oil for scent
Mix base oil(s) and beeswax. Microwave until the beeswax melts. I did this at 30 second intervals and it took about 1 1/2 to 2 minutes. Stir in essential oils for fragrance.
Pour into lip balm tubes or tubs and let harden (I used a small funnel). Makes a great lip balm! This recipe made more than 12 tubes worth.
Found the recipe and photo here: http://www.homemademamas.net/