Something went flaky before I finished the previous post. Continued...
Remove the chain from the chainrings (drop it to the inside) and spin the crank. It should spin very freely. Any binding at all means it is not adjusted properly and probably needs to be repacked with grease. You can actually feel the BB far better if you remove both crank arms first. This requires a special crank-pulling tool and a fair bit of muscle. Unless you have a seal cartridge bottom bracket, the bottom bracket should be opened, cleaned, and repacked with grease periodically (probably once per year is enough for most people, twice for high mileage riders). Opening the BB takes a lockring tool and pin spanner to open the adjustable cup. The fixed cup should never be removed unless it is being replaced or has come loose. Fixed cups can occasionally rarely come loose.
Did I cover everything?
Oil is good, grease is better.
2007 Peter Mooney w/S&S couplers/Terry Butterfly
1993 Bridgestone MB-3/Avocet O2 Air 40W
1980 Columbus Frame with 1970 Campy parts
1954 Raleigh 3-speed/Brooks B72