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 * GREINKE FRANK P   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) 5711 N. WEST AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 04/20/2006 (Street) FRESNO, CA 93711 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 04/20/2006   S   5,000 D $ 28.4356 495,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.4558 490,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.4755 485,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.4756 480,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.4905 475,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5008 470,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5096 465,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5419 460,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5586 455,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5629 450,000 D   Common Stock 04/20/2006   S   10,000 D $ 28.5669 440,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5768 435,000 D   Common Stock 04/20/2006   S   2,500 D $ 28.5845 432,500 D   Common Stock 04/20/2006   S   2,500 D $ 28.5917 430,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.5996 425,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.6044 420,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.6143 415,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.6246 410,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.637 405,000 D   Common Stock 04/20/2006   S   10,000 D $ 28.6409 395,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.6522 390,000 D   Common Stock 06/20/2006   S   5,000 D $ 28.6528 385,000 D   Common Stock 06/20/2006   S   2,500 D $ 28.7105 382,500 D   Common Stock 04/20/2006   S   5,000 D $ 28.7358 377,500 D   Common Stock 04/20/2006   S   7,500 D $ 28.7476 370,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.7489 365,000 D   Common Stock 04/20/2006   S   5,000 D $ 28.7752 360,000 D   Common Stock 04/20/2006   S   2,500 D $ 28.8199 357,500 D   Common Stock 04/20/2006   S   5,000 D $ 28.8629 352,500 D   Common Stock 04/20/2006   S   10,000 D $ 29 342,500 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
GREINKE FRANK P 5711 N. WEST AVENUE FRESNO, CA 93711	X

Signatures

/s/ Frank P. Greinke		04/21/2006
**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 1 of 2. 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.

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