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)
11/04/2010
(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 11/04/2010   S   600 D $ 0.8081 637,999 D  
Common Stock 11/04/2010   S   300 D $ 0.8088 637,699 D  
Common Stock 11/04/2010   S   100 D $ 0.8093 637,599 D  
Common Stock 11/04/2010   S   400 D $ 0.8097 637,199 D  
Common Stock 11/04/2010   S   3,868 D $ 0.81 633,331 D  
Common Stock 11/04/2010   S   1,900 D $ 0.8101 631,431 D  
Common Stock 11/04/2010   S   200 D $ 0.8103 631,231 D  
Common Stock 11/04/2010   S   326 D $ 0.8107 630,905 D  
Common Stock 11/04/2010   S   500 D $ 0.8108 630,405 D  
Common Stock 11/04/2010   S   100 D $ 0.8109 630,305 D  
Common Stock 11/04/2010   S   800 D $ 0.811 629,505 D  
Common Stock 11/04/2010   S   1,600 D $ 0.8111 627,905 D  
Common Stock 11/04/2010   S   3,100 D $ 0.8112 624,805 D  
Common Stock 11/04/2010   S   1,200 D $ 0.8113 623,605 D  
Common Stock 11/04/2010   S   1,600 D $ 0.8114 622,005 D  
Common Stock 11/04/2010   S   100 D $ 0.8125 621,905 D  
Common Stock 11/04/2010   S   100 D $ 0.8128 621,805 D  
Common Stock 11/04/2010   S   100 D $ 0.8131 621,705 D  
Common Stock 11/04/2010   S   200 D $ 0.8136 621,505 D  
Common Stock 11/04/2010   S   100 D $ 0.8137 621,405 D  
Common Stock 11/04/2010   S   100 D $ 0.8138 621,305 D  
Common Stock 11/04/2010   S   200 D $ 0.814 621,105 D  
Common Stock 11/04/2010   S   1,400 D $ 0.8144 619,705 D  
Common Stock 11/04/2010   S   400 D $ 0.8145 619,305 D  
Common Stock 11/04/2010   S   900 D $ 0.8148 618,405 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   11/05/2010
**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 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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