Combine the oils, butter, and beeswax in a heat proof jar, or for easy cleanup - an empty tin can.
Place the container down into a small saucepan containing several inches of water.
Heat over medium-low to medium heat until melted. Don't leave melting wax and oil unattended during this time.
Once melted, remove from heat.
Stir in the essential oils, and vitamin E, if using.
Pour into small tins or jars.
Shelf life of lip balm is around 9 to 12 months, or as long as it smells fresh.