Homemade Lip Balm Print me! 1/2 ounce beeswax 2 teaspoons olive oil or jojoba oil 2 teaspoons coconut oil (solid at 74º F) 1 teaspoon shea butter or cocoa butter 1/2 teaspoon pure aloe vera 1/4 teaspoon vitamin E oil 5-7 drops essential oil (like peppermint or grapefruit)