When looking for a good lip balm, look for ingredients such as...

natural oils: sunflower, hemp (duh), olive, etc.
natural butters: mango, shea, cocoa.

try to avoid occlusive moisturizers such as paraffin, beeswax, or petroleum. These things will lock in your natural oils but they won't soak into your lips and also they will leave that nasty residue on your pipe and glassware (and on your boyfriend's lips).

I like blissful bath. bath & body essentials the best, but you can also find them at your local co-op or Whole Foods or Wild Oats.