Courtesy of Mountain Rose Herbs 
Interestingly enough, two of the common active ingredients in commercially-made vapor rubs are Eucalyptus essential oil and Menthol. But, the classic ointments also contain things like Petroleum and Turpentine oil. Luckily, we can make a homemade version utilizing all-natural elements and botanicals!
½ cup organic Olive Oil
½-1 tsp organic Menthol Crystals
1 oz Beeswax, coarsely chopped or use pastilles
15 drops organic Eucalyptus essential oil
10 drops organic Peppermint essential oil
10 drops organic Rosemary essential oil
2 drops organic Tea Tree essential oil
2 drops organic Thyme essential oil
Heat the Olive oil and beeswax in a double boiler until the beeswax has melted. Remove from heat and allow to cool a little. Add Menthol crystals (1/2 tsp for a gentler balm, 1 tsp for a stronger product) and essential oils, stir, and quickly pour into jars. Immediately place lids loosely over the jars so that the oils do not escape. This balm will last indefinitely, I have some that I made 7 years ago and it is still effective! Note: The menthol crystals may be irritating when inhaled so use in a well ventilated area or wear a mask if needed.
Content and recipes written by Irene Wolansky. Irene is the Marketing Director at Mountain Rose Herbs.