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, SUITE 2060 3. Date of Earliest Transaction (Month/Day/Year) 08/19/2010 (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 08/19/2010   S   400 D $ 0.6345 838,907 D   Common Stock 08/19/2010   S   100 D $ 0.6346 838,807 D   Common Stock 08/19/2010   S   500 D $ 0.6348 838,307 D   Common Stock 08/19/2010   S   200 D $ 0.6349 838,107 D   Common Stock 08/19/2010   S   1,100 D $ 0.635 837,007 D   Common Stock 08/19/2010   S   500 D $ 0.6351 836,507 D   Common Stock 08/19/2010   S   2,000 D $ 0.6355 834,507 D   Common Stock 08/19/2010   S   3,600 D $ 0.6356 830,907 D   Common Stock 08/19/2010   S   300 D $ 0.6357 830,607 D   Common Stock 08/19/2010   S   450 D $ 0.636 830,157 D   Common Stock 08/19/2010   S   100 D $ 0.6363 830,057 D   Common Stock 08/19/2010   S   100 D $ 0.6364 829,957 D   Common Stock 08/19/2010   S   500 D $ 0.6368 829,457 D   Common Stock 08/19/2010   S   400 D $ 0.637 829,057 D   Common Stock 08/19/2010   S   100 D $ 0.6371 828,957 D   Common Stock 08/19/2010   S   600 D $ 0.6373 828,357 D   Common Stock 08/19/2010   S   400 D $ 0.6379 827,957 D   Common Stock 08/19/2010   S   100 D $ 0.6384 827,857 D   Common Stock 08/19/2010   S   200 D $ 0.6386 827,657 D   Common Stock 08/19/2010   S   200 D $ 0.6388 827,457 D   Common Stock 08/19/2010   S   100 D $ 0.6389 827,357 D   Common Stock 08/19/2010   S   200 D $ 0.6392 827,157 D   Common Stock 08/19/2010   S   100 D $ 0.64 827,057 D   Common Stock 08/19/2010   S   500 D $ 0.6466 826,557 (1) 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, SUITE 2060 SACRAMENTO, CA 95814	X

Signatures

/s/ William L. Jones		08/20/2010
**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).
(1)	Mr. Jones holds 826,557 shares of common stock directly, 50,000 shares of common stock underlying options, 19,230 shares of common stock underlying a warrant and 50,346 shares of common stock underlying Series B Preferred Stock.
Remarks: This is part 4 of 4.

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