I ride a REAL Schwinn!
Join Date: May 2002
Location: NH, USA
Bikes: Lemond Nevada City (stock), '00 Schwinn Moab 3 (very upgraded)
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Are you sure the chain isn't doubled-over/jammed in the derrailluer or between the chainrings/frame?
Take the wheel off the bike. Hold the wheel by the skewers and spin in.Does it spin freely? If yes, then it shouldn't be your hub. If the wheel won't budge, then you've got a problem, but I wouldn't think it was from the oil seaping in - Correct me if I'm wrong. Try spinning the cranks with the wheel off the bike. If they spin, then you know it's not them and that the chain isn't jammed between chainrings/frame.
Did you replace/repair anything around the drivetrain or brakes lately?
EDIT: Sounds like you're riding an older/simpler style bike. By foot brake I assume you mean that you stop by backpedaling. Some of this stuff might not apply to you then.