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
OMB APPROVAL
OMB Number: 3235-0287
Expires: November 30, 2011
Estimated average burden hours per response... 0.5

(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)
09/02/2010
(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 09/02/2010   S   200 D $ 0.5739 777,607 D  
Common Stock 09/02/2010   S   500 D $ 0.575 777,107 D  
Common Stock 09/02/2010   S   900 D $ 0.5757 776,207 D  
Common Stock 09/02/2010   S   300 D $ 0.5758 775,907 D  
Common Stock 09/02/2010   S   800 D $ 0.5761 775,107 D  
Common Stock 09/02/2010   S   200 D $ 0.5763 774,907 D  
Common Stock 09/02/2010   S   1,300 D $ 0.5768 773,607 D  
Common Stock 09/02/2010   S   800 D $ 0.5769 772,807 D  
Common Stock 09/02/2010   S   600 D $ 0.5777 772,207 D  
Common Stock 09/02/2010   S   250 D $ 0.5778 771,957 D  
Common Stock 09/02/2010   S   100 D $ 0.5783 771,857 D  
Common Stock 09/02/2010   S   400 D $ 0.5789 771,457 D  
Common Stock 09/02/2010   S   400 D $ 0.5793 771,057 D  
Common Stock 09/02/2010   S   1,000 D $ 0.5795 770,057 D  
Common Stock 09/02/2010   S   100 D $ 0.5798 769,957 D  
Common Stock 09/02/2010   S   100 D $ 0.5799 769,857 D  
Common Stock 09/02/2010   S   4,300 D $ 0.58 765,557 D  
Common Stock 09/02/2010   S   1,000 D $ 0.5801 764,557 D  
Common Stock 09/02/2010   S   2,400 D $ 0.5802 762,157 D  
Common Stock 09/02/2010   S   900 D $ 0.5803 761,257 D  
Common Stock 09/02/2010   S   800 D $ 0.5808 760,457 D  
Common Stock 09/02/2010   S   100 D $ 0.5821 760,357 D  
Common Stock 09/02/2010   S   1,200 D $ 0.5822 759,157 D  
Common Stock 09/02/2010   S   200 D $ 0.5826 758,957 D  
Common Stock 09/02/2010   S   600 D $ 0.5835 758,357 D  
Common Stock 09/02/2010   S   100 D $ 0.5851 758,257 D  
Common Stock 09/02/2010   S   3,000 D $ 0.5853 755,257 D  
Common Stock 09/02/2010   S   100 D $ 0.5858 755,157 D  
Common Stock 09/02/2010   S   100 D $ 0.5859 755,057 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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   09/03/2010
**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 3. 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.