I used Aquaphor (active ingredient: petrolatum; inactive: Mineral Oil; Ceresin; Lanolin Alcohol; Panthenol; Glycerin; Bisabolol) about two years ago and constantly exfoliated the soggy white skin while I was working full time. I regret that now.
Vaseline's main active ingredient is petrolatum. Other ingredients can be found here:
I think I'm going to avoid alcohols, alpha hydroxy acids, and parabens for the foreseeable future. For me, coconut oil, though not a cure by itself, is a pretty decent emollient and is anti-microbial, though who knows how powerful in that regard. By the way, I've added Vaseline to the list of "Success Stories" http://peelinglips.wikispaces.com/Success+Stories
I think while we need to avoid being shut-ins and not getting Vitamin D from the sun, we should be concerned about sun damage. I'm looking into the most natural wax-free UVA lip balm possible, and it seems the main ingredients would have to be zinc oxide and caprylic tryglicerides (derived from coconut oil). Maybe shea butter or jojoba as a carrier.