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 *
Jones William L
   2. Issuer Name and Ticker or Trading Symbol
Pacific Ethanol, Inc. [PEIX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
400 CAPITOL MALL, #2060		 3. Date of Earliest Transaction (Month/Day/Year)
07/01/2010
(Street)

SACRAMENTO, CA 95814		 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 07/01/2010   S   400 D $ 0.5398 1,003,870 D  
Common Stock 07/01/2010   S   600 D $ 0.54 1,003,270 D  
Common Stock 07/01/2010   S   1,100 D $ 0.5403 1,002,170 D  
Common Stock 07/01/2010   S   300 D $ 0.5432 1,001,870 D  
Common Stock 07/01/2010   S   800 D $ 0.5434 1,001,070 D  
Common Stock 07/01/2010   S   400 D $ 0.5435 1,000,670 D  
Common Stock 07/01/2010   S   200 D $ 0.5436 1,000,470 D  
Common Stock 07/01/2010   S   2,100 D $ 0.5449 998,370 D  
Common Stock 07/01/2010   S   200 D $ 0.5462 998,170 D  
Common Stock 07/01/2010   S   600 D $ 0.5466 997,570 D  
Common Stock 07/01/2010   S   1,200 D $ 0.5469 996,370 D  
Common Stock 07/01/2010   S   100 D $ 0.5472 996,270 D  
Common Stock 07/01/2010   S   600 D $ 0.5474 995,670 D  
Common Stock 07/01/2010   S   400 D $ 0.5475 995,270 D  
Common Stock 07/01/2010   S   100 D $ 0.5479 995,170 D  
Common Stock 07/01/2010   S   300 D $ 0.5486 994,870 D  
Common Stock 07/01/2010   S   100 D $ 0.5487 994,770 D  
Common Stock 07/01/2010   S   600 D $ 0.5491 994,170 D  
Common Stock 07/01/2010   S   600 D $ 0.5493 993,570 D  
Common Stock 07/01/2010   S   200 D $ 0.5494 993,370 D  
Common Stock 07/01/2010   S   1,600 D $ 0.5498 991,770 D  
Common Stock 07/01/2010   S   400 D $ 0.5499 991,370 D  
Common Stock 07/01/2010   S   1,500 D $ 0.55 989,870 D  
Common Stock 07/01/2010   S   200 D $ 0.5506 989,670 D  
Common Stock 07/01/2010   S   200 D $ 0.5512 989,470 D  
Common Stock 07/01/2010   S   1,000 D $ 0.5513 988,470 D  
Common Stock 07/01/2010   S   200 D $ 0.5514 988,270 D  
Common Stock 07/01/2010   S   100 D $ 0.5515 988,170 D  
Common Stock 07/01/2010   S   100 D $ 0.5522 988,070 D  
Common Stock 07/01/2010   S   700 D $ 0.5524 987,370 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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Jones William L
400 CAPITOL MALL, #2060
SACRAMENTO, CA 95814		   X      

Signatures

 /s/ William L. Jones   07/02/2010
**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).
 
Remarks:
This is Part 2 of 5. There are more than 30 transactions to report.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.