FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Langley William G
   2. Issuer Name and Ticker or Trading Symbol
Pacific Ethanol, Inc. [PEIX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last)
(First)
(Middle)
5711 N. WEST AVE		 3. Date of Earliest Transaction (Month/Day/Year)
04/19/2006
(Street)

FRESNO, CA 93711		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/19/2006   M   50,000 A $ 8.03 50,000 D  
Common Stock 04/19/2006   S   36,486 D $ 32.2594 13,514 D  
Common Stock 04/19/2006   S   5,665 D $ 31.95 7,849 D  
Common Stock 04/19/2006   S   4,772 D $ 31.75 3,077 D  
Common Stock 04/19/2006   S   1,700 D $ 31.5679 1,377 D  
Common Stock 04/19/2006   S   739 D $ 31.55 638 D  
Common Stock 04/19/2006   S   300 D $ 31.77 338 D  
Common Stock 04/19/2006   S   200 D $ 31.76 138 D  
Common Stock 04/19/2006   S   100 D $ 31.78 38 D  
Common Stock 04/19/2006   S   28 D $ 31.81 10 D  
Common Stock 04/19/2006   S   10 D $ 31.75 0 D  
Common Stock 04/20/2006   M   35,000 A $ 8.03 35,000 D  
Common Stock 04/20/2006   S   35,000 D $ 28.8805 0 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Purchase Option $ 8.03 04/19/2006   M     50,000 08/10/2005(1) 08/10/2015 Common Stock 50,000 $ 0 375,000 D  
Common Stock Purchase Option $ 8.03 04/20/2006   M     35,000 08/10/2005(1) 08/10/2015 Common Stock 35,000 $ 0 340,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Langley William G
5711 N. WEST AVE
FRESNO, CA 93711		       Chief Financial Officer  

Signatures

 /s/ William G. Langley   04/21/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The option vested immediately as to 85,000 shares and vests as to an additional 85,000 shares on each of the first, second, third and fourth anniversaries of the date of grant.

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