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 $ 29.0174 337,500 D   Common Stock 04/20/2006   S   5,000 D $ 29.0334 332,500 D   Common Stock 04/20/2006   S   5,000 D $ 29.0502 327,500 D   Common Stock 04/20/2006   S   5,000 D $ 29.0531 322,500 D   Common Stock 04/20/2006   S   5,000 D $ 29.0599 317,500 D   Common Stock 04/20/2006   S   5,000 D $ 29.0765 312,500 D   Common Stock 04/20/2006   S   5,000 D $ 29.083 307,500 D   Common Stock 04/20/2006   S   2,500 D $ 29.1177 305,000 D   Common Stock 04/20/2006   S   10,000 D $ 29.1398 295,000 D   Common Stock 04/20/2006   S   10,000 D $ 29.2471 285,000 D   Common Stock 04/20/2006   S   5,000 D $ 29.2564 280,000 D   Common Stock 04/20/2006   S   5,000 D $ 29.4421 275,000 D   Common Stock 04/20/2006   S   5,000 D $ 29.4971 270,000 D   Common Stock 04/20/2006   S   50,000 D $ 29.964 220,000 D   Common Stock 04/20/2006   S   10,000 D $ 30.0642 210,000 D   Common Stock 04/20/2006   S   5,000 D $ 30.1604 205,000 D   Common Stock 04/20/2006   S   5,000 D $ 30.2102 200,000 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
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 2 of 2. 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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