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)
09/16/2010
(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 09/16/2010   S   400 D $ 0.7531 724,375 D  
Common Stock 09/16/2010   S   200 D $ 0.7532 724,175 D  
Common Stock 09/16/2010   S   100 D $ 0.7534 724,075 D  
Common Stock 09/16/2010   S   300 D $ 0.7535 723,775 D  
Common Stock 09/16/2010   S   600 D $ 0.7541 723,175 D  
Common Stock 09/16/2010   S   200 D $ 0.7542 722,975 D  
Common Stock 09/16/2010   S   1,000 D $ 0.7543 721,975 D  
Common Stock 09/16/2010   S   100 D $ 0.7544 721,875 D  
Common Stock 09/16/2010   S   400 D $ 0.7549 721,475 D  
Common Stock 09/16/2010   S   200 D $ 0.755 721,275 D  
Common Stock 09/16/2010   S   200 D $ 0.7551 721,075 D  
Common Stock 09/16/2010   S   1,000 D $ 0.7552 720,075 D  
Common Stock 09/16/2010   S   200 D $ 0.7553 719,875 D  
Common Stock 09/16/2010   S   500 D $ 0.7556 719,375 D  
Common Stock 09/16/2010   S   358 D $ 0.7565 719,017 D  
Common Stock 09/16/2010   S   600 D $ 0.7567 718,417 D  
Common Stock 09/16/2010   S   100 D $ 0.7569 718,317 D  
Common Stock 09/16/2010   S   360 D $ 0.7572 717,957 D  
Common Stock 09/16/2010   S   400 D $ 0.7573 717,557 D  
Common Stock 09/16/2010   S   400 D $ 0.7581 717,157 D  
Common Stock 09/16/2010   S   300 D $ 0.7587 716,857 D  
Common Stock 09/16/2010   S   600 D $ 0.7594 716,257 D  
Common Stock 09/16/2010   S   300 D $ 0.7595 715,957 D  
Common Stock 09/16/2010   S   1,300 D $ 0.76 714,657 D  
Common Stock 09/16/2010   S   900 D $ 0.7601 713,757 D  
Common Stock 09/16/2010   S   1,100 D $ 0.7604 712,657 D  
Common Stock 09/16/2010   S   1,400 D $ 0.761 711,257 D  
Common Stock 09/16/2010   S   900 D $ 0.7618 710,357 D  
Common Stock 09/16/2010   S   300 D $ 0.7619 710,057 D  
Common Stock 09/16/2010   S   800 D $ 0.763 709,257 D  

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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   09/17/2010
**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 4. There were 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.

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