Place beeswax and coconut oil in a small glass jar.
Place the jar in a small saucepan filled about 1/3 of the way with water. Set on a burner over medium-low heat, and stir the wax mixture occasionally until it is completely melted.
Remove the saucepan from heat, and stir in the drops of essential oil if using. Let it cool completely before remove the jar from the hot water. I like to stir mine a time or two while it's cooling to ensure it's incorporated well.
Apply a generous lather to your wooden spoons, cutting boards, rolling pins, or unpainted wooden handles. Reapply as utensils look dull and dry.