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)
11/18/2010
(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 11/18/2010   S   400 D $ 0.7559 558,859 D  
Common Stock 11/18/2010   S   600 D $ 0.7562 558,259 D  
Common Stock 11/18/2010   S   500 D $ 0.7563 557,759 D  
Common Stock 11/18/2010   S   600 D $ 0.7565 557,159 D  
Common Stock 11/18/2010   S   400 D $ 0.7567 556,759 D  
Common Stock 11/18/2010   S   300 D $ 0.7572 556,459 D  
Common Stock 11/18/2010   S   400 D $ 0.7575 556,059 D  
Common Stock 11/18/2010   S   200 D $ 0.7577 555,859 D  
Common Stock 11/18/2010   S   300 D $ 0.758 555,559 D  
Common Stock 11/18/2010   S   1,600 D $ 0.7588 553,959 D  
Common Stock 11/18/2010   S   1,300 D $ 0.7589 552,659 D  
Common Stock 11/18/2010   S   100 D $ 0.759 552,559 D  
Common Stock 11/18/2010   S   200 D $ 0.7592 552,359 D  
Common Stock 11/18/2010   S   200 D $ 0.7593 552,159 D  
Common Stock 11/18/2010   S   700 D $ 0.7595 551,459 D  
Common Stock 11/18/2010   S   600 D $ 0.76 550,859 D  
Common Stock 11/18/2010   S   300 D $ 0.7611 550,559 D  
Common Stock 11/18/2010   S   100 D $ 0.762 550,459 D  
Common Stock 11/18/2010   S   1,100 D $ 0.7623 549,359 D  
Common Stock 11/18/2010   S   1,700 D $ 0.7625 547,659 D  
Common Stock 11/18/2010   S   800 D $ 0.763 546,859 D  
Common Stock 11/18/2010   S   200 D $ 0.7645 546,659 D  
Common Stock 11/18/2010   S   100 D $ 0.7652 546,559 D  
Common Stock 11/18/2010   S   400 D $ 0.7658 546,159 D  
Common Stock 11/18/2010   S   400 D $ 0.766 545,759 D  
Common Stock 11/18/2010   S   400 D $ 0.768 545,359 D  
Common Stock 11/18/2010   S   34 D $ 0.769 545,325 D  
Common Stock 11/18/2010   S   400 D $ 0.7696 544,925 D  
Common Stock 11/18/2010   S   400 D $ 0.7698 544,525 D  
Common Stock 11/18/2010   S   1,100 D $ 0.7701 543,425 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   11/18/2010
**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 3 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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