1-2 oz. beeswax
Melt both ingredients together over very low heat until beeswax is melted. Stir well, and pour a small amount into a pot. Test for consistency. If you'd like it softer, add more oil. If you'd like it stiffer, add more beeswax. When you've reached the consistency you like, pour into pots, jars, or lip balm containers.
This is the most basic recipe around, which can of course be changed in many, many ways. First, you can vary the type of oil. Sunflower, olive, safflower, soy, corn, sweet almond, herbally infused, take your pick! Mix and match - they're all different. Experiment until you find a blend you like. You can add fragrance oils for scent, or essential oils for medicinal and aromatherapy properties. Add vitamin E oil (available at your local grocery or drug store), up to a tbsp. or so, for extra moisturizing, scar-reducing, anti-aging and healing properties (plus it will extend the shelf life of your balm - because it is an antioxidant, it helps prevent the oils from going rancid). Add honey, up to 1 tsp, for moisturizing properties and a tiny bit of sweetness. Add cocoa butter super moisturizing abilities and for a delicious chocolate-ey scent. Have fun!