Petrolatum, mineral oil or petroleum jelly is really not that bad for the skin. I have not seen any evidence that it causes cancer, is skin irritant, dries you skin out or many of the claims against it. Everything we know about it indicates that it is very safe (contrary to many claims made by some in the "100% organic camp"). It is used in hospitals all over the world to treat burns, skin, and prevent eyes from drying out (often litterally a thick layer of vaseline covering the eye).
The creams that came on the market over a hundred years ago was petroleum jell based, they where gradually made lighther, added water, essential oils and plant extracts. This is actually what many of the Elizabeth Arden creams still contained not that many years ago. My point is that we really know they don't cause any more trouble for the skin than vegetable oils, or fats like emu oil and lanolin.
What petroleum jelly really do is covering the skin with a layer that is lasting and protecting. It prevents skin from drying out, but don't penetrate skin like other oils do. That probably gives both advantages and disadvantages. Most ointments from the drugstore is vaseline based. It can carry medicating ingredients that treat skin.
The advantage of vegetable oils and butters is that many of them penetrate skin very well, they contain lipids that nurish skin something petroleum jelly doesn't. These oils are even better carriers for ingredients that further nourish and suport natural skin processes, because they penetrate the skin and reach the deeper skin layers where the living cells are. Depending upon the oils used, natural oils can leave a much less detectable layer on the skin surface, they are lighter and will not stay on the surface like petroleum jelly.
The lipglosses and lip protecting sticks: Many waxes like carnauba, candelia, sea-butter, beeswax and a few others are much more solid than petroleum jelly, they last better as a protectant of the harsh elements. Again some of the fatty lipids will penetrate the skin when warmed by body heat. Most of theses products contain multiple oils to treat and nurish dry lips, not just these thick waxes. A petroleum based product will just not stay on the lip surface that long, and is much more easily eaten up.
All in all I too come to the conclution that it is mostly the natural vegetable oils that really does something for the skin.