Add a couple inches of water to a small saucepan. Add beeswax, olive oil and shea butter to a mason jar or small bowl, and place inside the saucepan, creating a double boiler method. Bring water to a boil, and allow mixture to melt. Remove from heat, and stir in essential oils (optional).

Immediately transfer lip butter into small containers or tubes, and transfer to the refrigerator to set for 15 - 30 minutes.